Wall Street reached a milestone it has been chasing since early summer, though the climb was lumpier than the scoreboard suggests.
Big tech also found a creative new way to feed its famously power-hungry habit, and a pre-IPO funding frenzy keeps growing. The most telling detail tonight hides underneath the headline, so keep reading to find it.
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Markets
The S&P 500 finally closed at a record, its first since August, while the Nasdaq tacked on back-to-back highs. AI supplied the fuel again: Constellation Energy struck a 20-year deal to power Google’s data centers from 11 nuclear reactors, and Talen, Vistra and NRG all caught the draft.
Nvidia-backed Lambda is raising up to 4 billion dollars at a 14.5 billion dollar valuation ahead of its planned IPO, with Blackstone and Coatue leading.
Under the hood, the rally looks lopsided, since tech and communications are up while seven of the other eight sectors slipped over the past month.
Brent hovered near 100 dollars as Hormuz tanker attacks collided with rising shipments. Meanwhile, the trade gap widened to its biggest in over a year.
DJIA: [+0.49%]
S&P 500: [+0.58%]
Nasdaq: [+0.45%]
Russell 2000: [-0.57%]
Market-Moving News
AI & Technology
Marvell raised its fiscal 2028 revenue forecast to about $20 billion, citing strong demand for custom data-center chips, up from its previous $18 billion outlook as technology companies accelerate spending on AI infrastructure.
Xanadu partnered with GlobalFoundries to mass-produce quantum computing components, using the chipmaker’s New York manufacturing line to move specialized light sensors and photonic chip technology from laboratory prototypes to industrial-scale production.
Deals & Expansion
Paramount Skydance completed its $110 billion takeover of Warner Bros. Discovery, creating an entertainment giant called Skydance that combines major film studios, CBS, CNN and HBO Max while targeting $6 billion in cost savings.
Uber agreed to buy workplace catering platform ezCater for $2.3 billion in cash, adding a network of more than 140,000 restaurants to expand group orders through Uber Eats and Uber for Business.
Telecom & Data Centers
AT&T agreed to form a fiber venture with BlackRock’s GIP and CPP Investments, combining two existing networks to accelerate broadband expansion across U.S. communities while retaining a 50% ownership stake in the business.
Applied Digital secured access to up to one gigawatt of potential power capacity in Finland, supporting its first international AI campus development with initial electricity availability expected in 2028 and construction dependent on commercial milestones.
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Retail & Consumer
Lamb Weston raised its fiscal 2027 sales and adjusted earnings forecasts, citing stronger North American demand and cost savings after quarterly revenue reached $1.67 billion and adjusted earnings exceeded analysts’ expectations at 75 cents per share.
Berkshire Hathaway’s Fruit of the Loom faces a Texas investigation into potential toxic chemicals in children’s underwear, alongside Hanes, after Attorney General Ken Paxton requested company information without accusing either manufacturer of wrongdoing.
Energy & Infrastructure
Constellation Energy secured a 3,590-megawatt power agreement with Google, supporting more than $4.3 billion in new investment, including upgrades at 11 nuclear reactors that will add 890 megawatts of generating capacity to the U.S. grid.
Energy Transfer agreed to acquire Vaquero Midstream for approximately $2.63 billion, adding 300 miles of pipelines and natural gas processing assets in Texas’s Delaware Basin, with the transaction expected to close during the fourth quarter.
Top Winners and Losers
Apimeds Pharmaceuticals [APUS] $7.13 (+55.34%)
Apimeds Pharmaceuticals extended a wild week with a plot twist few drug developers attempt: blockchain.
Its MindWave subsidiary signed a two-year deal with BlockAssure to build an insurance network called AssureChain, earning development fees plus a 20 percent slice of future AssureCoin tokens. It follows a similar agreement from late September, and traders are clearly buying the pivot.
Option Care Health [OPCH] $31.00 (+32.65%)
Option Care Health jumped after the Financial Times reported McKesson and buyout firm Clayton Dubilier & Rice are nearing a takeover of the home infusion provider, valued at more than 5 billion dollars.
Nothing is signed yet, so the pop prices in a premium that could still change. A drug distributor and a buyout shop circling is a loud signal.
All In FutureTech Alliance [AIFA] $7.67 (+30.44%)
All In FutureTech Alliance caught a bid after its first annual conference in Las Vegas, where leadership laid out an AI applications-first strategy spanning computing capacity, fiber networks and education.
It also rolled out a content platform and expanded its LittleVault IP network. Investors seem happy to bet on the vision while the business catches up to the ambition.
ArriVent BioPharma [AVBP] $15.09 (-46.98%)
ArriVent BioPharma cratered after its Phase 3 FURVENT trial of firmonertinib in lung cancer missed its main progression-free survival goal.
The drug did post 11 months versus 9.5 for controls and a stronger response rate, but missing the primary target clouds the road to approval. Biotech investors rarely grade on a curve, and today was no exception.
MindForge [MF] $11.40 (-20.28%)
MindForge slid hard on feather-light trading, with only about 24,000 shares changing hands. The company, formerly U-BX Technology, took on its new name and ticker in July and sells AI-driven services to insurance businesses in China.
A young identity and thin volume make for a jumpy stock, and today the air simply came out of the balloon.
Twist Bioscience [TWST] $166.97 (-18.55%)
Twist Bioscience handed back some of its glow after a monster run that lifted the shares from about 127 dollars in early September to above 200, helped by a Lilly AI partnership and price target hikes.
When a stock sprints that far that fast, even a pause looks like a stumble. Ginkgo and 10x Genomics slid alongside it.
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Everything Else
🎖️ The Magnificent Seven earned their reputation, but market leadership never stays concentrated forever, and seven new contenders are already emerging quietly with the fundamentals to lead what comes next.
📈 The S&P 500 and Nasdaq hit fresh record highs as Treasury yields cooled and oil prices slipped, giving Wall Street another boost as pressure from bonds and energy eased.
🌎 The U.S. trade deficit widened to $105.6 billion, its largest since just before Trump’s tariffs took effect last year, putting renewed attention on America’s trade imbalance.
💉 Novavax and Moderna shares fell after the WHO described the plague risk as low, cooling market expectations around potential demand tied to the outbreak.
⚓ Anduril and the U.S. Navy are investing $6.6 billion to expand submarine parts production, targeting a major increase in manufacturing capacity for the U.S. submarine fleet.
⚖️ Micron agreed to a $600 million settlement with Netlist, resolving a major patent dispute between the two memory technology companies.
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