Big Tech earnings are exposing a growing divide between AI winners and companies struggling to justify their spending. Microsoft is winning over investors with strong cash flow, Alphabet is getting punished for its enormous infrastructure costs, and Samsung is posting record chip profits. Meanwhile, the Fed is holding rates steady, Shell is boosting buybacks, and Europe's banking sector is delivering mixed results.

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Futures are mixed, with tech sliding as Alphabet's disappointing earnings revive AI spending concerns. Microsoft's strong cloud results are providing some support, but traders are also digesting the Fed's decision to hold rates steady ahead of today's GDP and inflation data. Amazon earnings are up next.

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Earnings (Premarket):
· Eli Lilly and Company [LLY]
· Mastercard Incorporated [MA]
· Merck & Company, Inc. [MRK]
· Caterpillar, Inc. [CAT]
· Shell PLC [SHEL]
· Linde plc [LIN]
· TotalEnergies SE [TTE]

Earnings (Aftermarket):

· Amazon.com, Inc. [AMZN]
· Intel Corporation [INTC]
· Gilead Sciences, Inc. [GILD]

Economic Reports:

· Advance GDP estimate (Q3): 8:30 am
· Weekly jobless claims: 8:30 am
· Personal income (September): 8:30 am
· Consumer spending (September): 8:30 am
· PCE price index, month over month (September): 8:30 am
· PCE price index, year over year (September): 8:30 am
· Core PCE price index, month over month (September): 8:30 am
· Core PCE price index, year over year (September): 8:30 am

The Federal Reserve held interest rates steady at 3.75% to 4.00% in a 10-2 decision that reflected persistent inflation concerns, while upgrading its economic outlook and keeping another rate hike firmly on the table for December.

The European Central Bank is expected to hold rates at 2.5% on Thursday, with France's mounting bond market turmoil complicating policymakers' efforts to contain inflation as investors await signals about another potential December increase.

Samsung reported a nearly ninefold jump in quarterly operating profit to a record $80 billion, as AI-driven memory chip shortages intensify, although investors remain concerned about the sustainability of demand and delayed shareholder-return announcements.

Microsoft and Alphabet delivered sharply contrasting AI earnings results, with Microsoft generating $18.6 billion in free cash flow while Alphabet burned through $9.07 billion, raising fresh questions about returns on massive infrastructure investments.

Biogen beat quarterly earnings expectations as rare-disease treatments fueled growth, with revenue rising 11% to $2.8 billion and Alzheimer's treatment Leqembi sales jumping 67%, helping offset continued weakness in its multiple sclerosis business.

Geron abandoned a late-stage trial of its blood cancer treatment Rytelo after independent monitors questioned its effectiveness, sending shares plunging roughly 20% despite the drug retaining approval for another blood disorder.

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ING announced a €1.65 billion share buyback despite missing quarterly profit expectations, as earnings reached €1.85 billion and higher loan-loss provisions weighed on results, while the Dutch lender outlined plans to eliminate approximately 400 jobs.

Rolls-Royce secured a £2.5 billion government-backed agreement to develop next-generation jet engines, with Britain supporting its aerospace expansion as the company seeks to reenter the lucrative narrowbody aircraft engine market and support thousands of skilled jobs.

Shell reported $10.81 billion in adjusted quarterly profit, its highest since 2022, and launched a $5 billion buyback after stronger refining margins and higher liquefied natural gas prices drove earnings above analyst expectations.

Airbus maintained its annual aircraft delivery target of approximately 870 jets despite quarterly revenue falling 2%, betting on a record fourth-quarter production surge as easing engine shortages help offset lingering supply-chain disruptions.

Porch Group shares surged after the homeowners insurance specialist delivered another quarter of rapid growth. Insurance services revenue climbed 39%, while policies written jumped 42%. Adjusted EBITDA more than doubled, prompting management to raise its full-year outlook. The results suggest Porch's data-driven insurance model is gaining traction despite a softer industry pricing environment.

Eye-care innovation is turning into serious revenue growth for Glaukos. Shares jumped after the company raised its annual sales forecast to $775 million to $785 million, up from $680 million to $700 million. Quarterly revenue surged 58%, driven by strong demand for its glaucoma and corneal treatments. Management also introduced a preliminary $1 billion sales target for 2027.

Even strong earnings weren't enough to save Fortinet from a brutal selloff. Shares plunged after the cybersecurity giant revealed slowing product revenue growth, which decelerated to 37% from 52% last quarter. Revenue reached $2.08 billion, beating expectations, but weaker service revenue and a reduced full-year services outlook rattled investors already pricing in aggressive AI-driven growth.

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