Oil Up Again Ahead of Flash October Inflation Data: 8 Key Items Shaping the Stock Market Friday
Amex delivers, OpenAI’s capital raise and a potential one for Meta. Plus other headlines moving the market this morning.
Tech’s Capital Problem
As more and more funds are raised for the AI buidout, is there a scarcity of capital?
Why I’m Looking to Add Exposure After the Nasdaq’s Worst Day Since June
Thursday’s selloff isn’t a signal to cut exposure. It is a signal to look where the money is going.
AI Selloff Gains Steam Hiding Solid Market Action Beneath the Surface
Worries about the sustainability of the AI trade surfaced once again, driving down a swath of related stocks, but other stocks rallied as Treasury yields dropped the most since August 2025, seeing equal-weight vs cap-weight the most extreme since 2024.
AI Names Crater, Average Stocks Rise in Dramatic Rotation
The gap is closing, but the opportunity is in new leaders, not broken AI names.
Connecting Earnings Conference Call Dots Keeps Our Longer-Term Focus in Play
AI demand is pulling through across sectors, but supply constraints remain a headwind.
Clowns to the Left of Me, Jokers to the Right
Thus far today about 25 people were asked (on Fin TV) why Meta’s ($META) shares are trading much lower in the face of better results and strong forward guidance.
No one has clearly answered the question — just a bunch of B.S. and narratives (miles long but only inches deep).
From my perch these are the principal problems facing Meta, which help to explain the market’s reaction (stated simply):
* Meta disclosed the need for continued and large capital expenditures.
* Nonetheless, the company was uncertain of the timing and whether that AI spend would be monetized and whether the ROIC would be adequate relative to the spend.
* Meta’s balance sheet is debt laden with over $100 billion of balance sheet debt and over $700 billion off balance sheet.
* As a result, to fund the big AI capex, several hundred billions of dollars in equity has to be raised by the company.
We anticipated this need for a large raise — from yesterday:
Guesswork Only
My instincts tell me META beats consensus and offers good guidance.
And then it announces a primary offering of stock…
Position: None
BY Doug Kass · Oct 21, 2026, 3:30 PM EDT
From Ed Zitron following the EPS release:
Position: None
Chart of the Day: Broadcom Looks Bearish. A Time to Buy?
The colossal chip company is not immune to the selling in this sector. So is it a bargain here or not?
Sticking With This Meta Price Target as Earnings Lead to Selloff
We aim to play the long game with the shares, but here’s what the market focus will be near term.
Market Gap Narrows and It’s Time to Put Cash to Work
The AI complex is getting hit on earnings while small caps, biotech, retail and defensive pharma hold up. Here’s what I’m buying.