AI demand continues to generate enormous profits for chipmakers, but hotter inflation and rising financing concerns are putting pressure on the broader technology trade. Meanwhile, major deals in banking and biotech show that capital is still flowing into growth opportunities beyond AI.
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Futures at a Glance📈
Futures are sliding as AI stocks face another wave of selling, with rising borrowing costs raising fresh questions about massive tech spending. Even TSMC's blowout earnings aren't calming nerves, while traders brace for retail sales and producer inflation data after Wednesday's hot CPI report.
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What to Watch
Earnings (Premarket):
· Taiwan Semiconductor Manufacturing Company [TSM]
· Charles Schwab Corporation [SCHW]
· Prologis, Inc. [PLD]
· Bank of New York Mellon Corporation [BNY]
· U.S. Bancorp [USB]
· PNC Financial Services Group, Inc. [PNC]
· Marsh [MRSH]
· Ericsson [ERIC]
Earnings (Aftermarket):
· Interactive Brokers Group, Inc. [IBKR]
· J.B. Hunt Transport Services, Inc. [JBHT]
Economic Reports:
· Empire State Manufacturing Survey (October): 8:30 am
· Retail sales (September): 8:30 am
· Philadelphia Fed Business Outlook Survey (October): 8:30 am
· Weekly jobless claims: 8:30 am
· Producer price index (September): 8:30 am
· Core PPI, month over month (September): 8:30 am
· PPI, year over year (September): 8:30 am
· Manufacturing and trade inventories (August): 10:00 am
· Cleveland Fed President Beth Hammack speech: 4:30 pm
Market Pulse
U.S. tech stocks face another financing test after hotter September inflation revived Fed concerns, putting debt-heavy data-center operators and AI infrastructure companies under renewed pressure.
Oil prices retreated as Washington explored easing tanker sanctions, with potential relief for Russian shipments lowering near-term energy concerns despite continued attacks on Middle Eastern shipping lanes.
AI & Technology
TSMC delivered another record quarter despite the chip selloff as third-quarter profit jumped 69% annually to roughly $23.6 billion on continued demand for advanced AI processors.
ByteDance is reportedly nearing a chip-supply agreement with MediaTek to secure processors for its data centers, highlighting China's efforts to diversify AI infrastructure sourcing.
Healthcare & Biotech
ImmunityBio secured a broader U.S. market for Anktiva after the FDA expanded bladder-cancer approval to include patients with high-grade papillary-only tumors resistant to existing BCG treatment.
Gilead and Vir Biotechnology struck an oncology collaboration worth up to $1.88 billion to develop therapies against solid tumors as drugmakers continue expanding their cancer pipelines.
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*This content is for educational purposes only. The opinions expressed are from DM Intelligence LLC, doing business as Decentralized Masters, who are not licensed financial advisors or registered investment advisors. The reader acknowledges that DM Intelligence LLC is not responsible for any losses, direct or indirect, resulting from the use of this information, including errors, omissions, or inaccuracies.
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Finance & Deals
Fairfax Financial agreed to acquire a controlling stake in India's IDBI Bank for $5.56 billion through a government-approved majority-stake transaction, significantly expanding its Asian banking operations.
EQT agreed to acquire U.S. real estate manager Stockbridge for approximately $375 million to expand its private property platform, adding roughly $37 billion in managed assets.
Capital & Industry
India's Jio Platforms is targeting a valuation above $100 billion after setting the price range for its IPO, which could raise up to $3.2 billion.
Taiwan is advancing a possible $4.4 billion investment in Alaska LNG as negotiations over gas supply progress, potentially giving U.S. exports greater access to Asian buyers.
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Movers and Shakers
Immatics [IMTX]: Premarket Move: +6%
Immatics climbed as traders revisited Stifel's newly issued Buy rating, which came with a $15 price target and optimism surrounding its melanoma treatments. The firm's lead cell therapy, anzu-cel, is expected to deliver Phase 3 trial results in the first half of 2027. Stifel sees significant potential in the company's PRAME-targeting technology, projecting approximately $1.27 billion in global sales by 2035 across two melanoma treatments.
Kodiak Sciences [KOD]: Premarket Move: +4%
Kodiak Sciences rebounded following recent presentations of promising clinical data at the American Academy of Ophthalmology conference. Its Phase 3 DAYBREAK trial showed that two experimental eye treatments matched an established therapy in preserving vision, with 54% of Zenkuda patients achieving six-month dosing intervals. The company plans to seek FDA approval for Zenkuda later this year, giving traders a reason to revisit the stock following Wednesday's sharp decline.
Rocket Lab [RKLB]: Premarket Move: −9%
Rocket Lab plunged after delaying its highly anticipated Neutron launch from late 2026 into 2027, disappointing traders betting on the company's expansion into larger commercial space missions. Manufacturing problems involving carbon-composite components in the rocket's first-stage fuel tank forced design and production adjustments. Neutron is central to Rocket Lab's ambitions to compete with SpaceX for higher-value satellite and defense contracts, making the setback particularly painful for shareholders.
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*This is a paid advertisement. The figures above are illustrative and for general information only; they are not a recommendation, an offer, or a projection of any specific result. The $92,000 figure is a simple illustration of the widely cited 4% rule and is not advice for your situation.
*All investing involves risk, including loss of principal. Past performance is not a guarantee of future results. There are no guarantees that working with an advisor will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.
*SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. SmartAsset's services are limited to referring users to third-party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform. SmartAsset receives compensation from Advisers for our services, which may create a conflict of interest. Matching is provided at no cost to you and you are under no obligation to work with any Adviser; working with an Adviser may involve fees, which will reduce returns. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any user's account by an Adviser, or provide advice regarding specific investments. We do not manage client funds or hold custody of assets.
*SmartAsset is not intended to provide legal, tax, accounting, or financial advice other than referring users to third-party advisers. The opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. Consult your own accountant, tax, or legal advisor regarding your individual situation.
Sources: These figures describe industry-wide research, not the results of any specific advisor or any SmartAsset client, and are not a guarantee of future results.
1 Vanguard, Putting a value on your value: Quantifying Advisor's Alpha. advisors.vanguard.com
2 Morningstar, Mind the Gap (2025 edition); average annual investor return gap for the 10-year period ended December 31, 2024. US Mind the Gap 2025 (PDF)
Everything Else
🧲 Smart capital is already rotating and seven stocks are quietly building the cash flows and market share to define what the market rewards next.
💰 Berkshire Hathaway invested another $330 million in software company Bending Spoons, increasing its stake to 4% and sending the Italian company's shares sharply higher.
💾 Taiwan Semiconductor reported a 69% profit surge, reaching a record $23.6 billion as demand for advanced AI chips continued to accelerate.
📱 Reliance Industries advanced its Jio IPO plans, filing the final prospectus for a potential $3.2 billion offering that could become India's largest-ever listing.
🚗 CEAT reported a sharp profit decline, with quarterly earnings falling nearly 40% despite 26% revenue growth as higher raw material costs squeezed margins.
🛡️ ICICI Lombard posted 15.5% profit growth, benefiting from stronger motor and health insurance demand following India's tax reductions.
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