A hotter-than-expected September CPI report and a deepening selloff in AI names sent the S&P 500 down more than 1% for the first time in 54 sessions, with the Nasdaq and small caps falling nearly 2%.
The either/or market continued for another day with tech stocks continuing to fall. They’re nearing interesting support levels, but a bounce could be followed by more downside.
The chip-equipment bellwether is sending an important signal for AI and the market. Just make sure you’re in the right spots.
Wolf Street howls about what Intel ($INTC) and Broadcom ($AVGO) say about AI ROIC.
The CEO’s of Broadcom and Intel Say the Quiet Part out Loud about AI and ROI | Wolf Street
Position: None
– $GIXI +135.0% (autonomous robots begin delivering blood and bone marrow at a major hospital, expanding an existing chemotherapy-logistics deployment)
– $CCC +10.5% (GTCR and Elliott are reportedly in advanced acquisition talks, with a deal potentially coming this week)
– $MEDS +7.0% (Humana adds the ChemoFx gynecologic-cancer assay to a Medicaid coverage policy)
– $IREN +5.5% (Anthropic is reportedly the previously undisclosed customer behind a multiyear AI-cloud services agreement)
– $BIIB +2.5% (JPMorgan upgrades to Overweight, citing an increasingly compelling clinical-catalyst path)
– $BFLY +1.5% (Canaccord initiates coverage with a Buy rating)
– $WFF -15.5% (gives back part of Friday’s nearly 500% speculative surge, with no fresh company catalyst identified)
– $QUCY -13.5% (launches an at-the-market equity program allowing up to $100 million of share sales)
– $MU -2.5%, $MRVL -2.0%, $INTC -1.5% (chip stocks weaken as advanced-memory competition and concerns over AI spending weigh on the sector)
Long-end yields again hit multi-decade highs before a historically strong 10-year auction pulled them back, letting large-caps pare losses.
Let’s check key items to watch today, including Marvell’s Investor Day reaction and SpaceX looking for Nvidia cash.
The Nasdaq closed at a record, and the S&P 500 came within a whisker, as the rally broadened for a second straight session, even as 10 and 30-year yields climbed to their highest close since 2002.
– $ALEC +58% (global AL050 license brings $100M upfront, up to $1.17B in milestones and extends the cash runway into 2029)
– $PCVX +55% (VAX-31 OPUS-1 pivotal Phase 3 trial met all prespecified primary endpoints with a safety profile comparable to existing vaccines)
– $PTC +36% (agrees to a $205-a-share all-cash takeover valuing its equity at about $22.6B)
– $RXO +23% (agrees to a $5.8B cash-and-stock takeover by $CHRW, implying about $30.25 a share)
– $XP +17%, $BBD +12%, $NU +13%, $ITUB +14%, $PBR +9.4%, $EMBJ +5.4% (Brazil-linked ADRs surge after the right-wing candidate outperformed polls and led first-round presidential voting)
– $ADSK +4.4% (industrial-software M&A read-through from the PTC takeover)
– $VST +3.5% (reported $4.2B federal loan package expected to fund upgrades at three nuclear plants)
– $CHRW -7.6% ($RXO acquisition requires new debt and a buyback pause while the market weighs execution and integration risk)
– $INTC -3.8% (no clear fresh company catalyst identified as chip shares lag softer technology futures)
– $ALGN -3.1% (no clear fresh company-specific catalysts identified; notable liquid premarket declines)
You asked AI a question. These are the companies and chips that went to work.
