Intel delivered its worst session since 1974, and our Reddit shares just met the business end of Google's search overhaul

Morning brief: Software got cold feet over autonomous agents, while our Alphabet decided fifty billion in capex sounded reasonable

Published Oct 30, 2026, 8:03 AM EDT

AI Capex Shock Sends Markets to Fear

Alphabet tumbled 12.64% overnight as quarterly capital expenditures surged 114% to $51.4 billion, triggering negative free cash flow and pushing CNN's Fear & Greed Index down five points to 30. Mounting scrutiny over Big Tech's unchecked infrastructure outlays is sparking severe valuation compression across high-multiple growth assets.

Sources: www.cnn.com · www.forbes.com

ServiceNow Plunges 26.9% on Soft Guidance

ServiceNow collapsed 26.95% after fourth-quarter current remaining performance obligations growth guided down to 18.5%, despite posting 21% subscription revenue growth to $3.99 billion. The sharp deceleration reawakens structural fears that agentic AI workflows may erode traditional per-seat enterprise software billing models faster than expected.

Sources: newsroom.servicenow.com

Fortinet Sinks 20.1% as Service Slows

Fortinet dropped 20.09% following third-quarter results that showed service revenue grew only 13%, prompting management to lower its full-year service revenue range to $5.15–$5.17 billion. The lag relative to 37% product revenue growth suggests lower security subscription attach rates, challenging multiple expansion for network security.

Sources: investor.fortinet.com

Eli Lilly Jumps 6.6% on Blockbuster Q3

Eli Lilly climbed 6.63% after posting non-GAAP earnings of $7.48 per share on $24.4 billion in revenue and lifting full-year sales guidance by $5.5 billion. Unrelenting global demand for Mounjaro and Zepbound continues to widen Lilly's clinical moat, defying broader macro and tech volatility.

Sources: investor.lilly.com · www.prnewswire.com

Energy Earnings and Apple on Deck

ExxonMobil and Chevron report third-quarter earnings this morning ahead of the bell, providing crucial readings on refining margin resilience amid Middle East disruptions. Market direction heading into November will hinge on whether cash-generating legacy defensives can steady sentiment before Apple and Palantir report next week.

Sources: www.ft.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, NOW

Upcoming earnings

• 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
• AVGO — Wed, Dec 9, 2026, after the close
• MU — Wed, Dec 23, 2026, after the close

Evening brief: Intel delivered its worst session since 1974, and our Reddit shares just met the business end of Google's search overhaul

Published Oct 30, 2026, 8:08 PM EDT

Tech Slump Pushes Market into Fear

The CNN Fear & Greed Index plummeted 9 points into Fear at 26 as mounting tech capex fatigue and guidance cuts triggered Wall Street's sharpest pullback since June. With the Nasdaq shedding nearly 3%, investor sentiment has rapidly pivoted from chasing AI infrastructure spending to questioning near-term monetization timelines.

Sources: www.cnn.com

Intel Crashes 28.58% on Bleak Outlook

Intel plunged 28.58% to $65.76 in its steepest single-day drop since 1974 after projecting fourth-quarter revenue of $15.0 billion to $16.0 billion, well shy of Wall Street expectations. Management warned that soaring memory costs will depress personal computer demand through mid-2027, severely challenging turnaround assumptions and dragging down chipmakers across the sector.

Sources: www.channelnewsasia.com · www.morningstar.com

Reddit Plunges 29.22% on AI Traffic Drop

Reddit tumbled 29.22% to $91.73 in its worst session on record after warning that Google AI Overviews cut search referrals by over 1 million weekly, leaving fourth-quarter revenue guidance below consensus. The sudden traffic squeeze underscores the vulnerability of ad-driven web platforms to generative search and puts execution risk squarely on Reddit's new mandatory login initiatives.

Sources: www.morningstar.com · qz.com

Cboe Jumps 6.77% on Record Derivatives

Cboe Global Markets jumped 6.77% to $335.53 after delivering a strong third-quarter earnings beat with net revenue climbing 18% to $712.2 million, bolstered by record index options volume and an exclusive 25-year S&P licensing extension. Surging market volatility continues to establish exchange operators as exceptional counter-cyclical cash generators when broader equities stumble.

Sources: ir.cboe.com

Apple Earnings Loom to Test Tech Jitters

All eyes pivot to Apple after the close on Monday, November 2, where analysts look for $1.98 in EPS on $113.3 billion in revenue amid the early rollout of the iPhone Duo. Following a week dominated by semiconductor warnings and escalating component costs, Apple's margin commentary will determine whether broader tech finds solid footing.

Sources: news.alphastreet.com

Market posture: With Fear & Greed dropping to 26 on tech capex fatigue, we adopt a Defensive posture, prioritizing counter-cyclical and steady cash-flow compounders.

Stocks in this edition: RDDT, INTC

Upcoming earnings

• 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
• AVGO — Wed, Dec 9, 2026, after the close
• MU — Wed, Dec 23, 2026, after the close

The day's lineup changes

No lineup changes this day.