Inflation data revived expectations for a late-October Fed hike, with odds rising from ~22% to ~54%. Gas prices remain a key inflation driver, helping September's 3.7% YoY CPI and pushing energy costs into broader prices. Expensive oil and costly AI data-center builds add to inflation, making these inputs feel baked into prices even as the Fed emphasizes core readings. Fed officials say higher rates are necessary to cool demand, but ING economist James Knightley argues rate hikes will have limited impact on these two drivers. He notes the ball is out of the Fed's hands on foreign-policy factors like the Strait of Hormuz, while wage growth at ~3% could dampen inflation over the medium term. With upcoming retail sales and wholesale data, markets remain on edge for the next decision, and wage dynamics may shape the inflation path ahead.
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Apple closes in on Nvidia as it crosses a $5 trillion market cap, underscoring its ascent even as Nvidia stocks retreat. The iPhone Duo, Apple’s first foldable, opens for preorder Friday and will go on sale Oct. 23. Tim Cook says Apple Intelligence has regulatory approval in China, with a test version expected later in October, signaling a broader AI push in a key market. Apple is set to report fiscal Q4 earnings on Nov. 2, offering a gauge on iPhone demand and AI-driven growth. The company also expanded hardware with the HomeView smart display, an updated Apple TV 4K, and the second-gen HomePod mini, deepening Siri AI across devices. Despite stock gains, retail sentiment around AAPL remains bearish, and Nvidia’s stock slump keeps the gap narrow.
Global stocks sold off as hotter US inflation data sharpened expectations for another Federal Reserve rate hike, hitting tech shares hardest. Nvidia fell about 2.2%, with AMD and Marvell down around 4% as investors dumped AI bets. The Nasdaq slid about 0.3% while the Dow rose on rotation into established stocks. Europe steadied with less tech exposure. In Asia, Seoul’s Kospi dropped more than 7% and Tokyo nearly 5% lower as chipmakers led losses. US CPI rose 3.7% in September and wholesale inflation jumped 6.3%, increasing rate-hike bets and pressuring AI funding. Bond yields moved as investors sought safer assets; oil rose and currencies shifted on risk sentiment.
Chip stocks slid as financing costs for AI infrastructure rose and concerns about funding sustainability outweighed strong demand signals. Saxo Bank warned a financing squeeze could eventually curb semiconductor suppliers if customers slow capex, noting CoreWeave yields near 15% as a sign of investor re-pricing, not necessarily imminent default. Nvidia, AMD, Micron, and SanDisk led declines despite TSMC reporting a robust Q3 and guiding higher Q4 revenue. Investors are shifting from announcing large infrastructure bets to evaluating how profits and cash flow will follow demand. If borrowing costs stay high, effects could spill into industrial equipment, power infrastructure and construction, depressing broader capex beyond chipmakers.
TSMC posted its sixth straight quarter of record profits as AI chip demand stays strong: net income up about 69% and revenue up roughly 51%, with Q3 gross margin at 66.4%. Management guides Q4 gross margin of 65-67% and keeps 2026 capex at $60-64 billion, with 2026–2028 capex expected to be even higher to support growth. Current-quarter sales could reach $54.3 billion, ahead of estimates. The stock fell about 2% in a sector-wide sell-off, though TSMC reiterated multi-year demand and ongoing U.S. expansion, including Arizona fabs and talks of a Terafab fab in Texas. The company remains central to Nvidia, AMD and Broadcom, as AI infrastructure expands. Elon Musk has discussed early-stage collaboration; TSMC is exploring Texas while continuing mass production of 3nm chips.
Also on 15 October
- Wholesale prices bubbled higher in September, keeping a rate hike on the table
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- TSMC stock sinks despite record profit amid 'extremely robust demand' for AI chips
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14 October
15 more from 14 October →- SKHY Tracks Worst Month Since Nasdaq Debut: SK Hynix Reportedly Wants To Ship More Chip Tools To China Before Building In US
- Global chip sell-off deepens as South Korean market plunges
- CRWV, NBIS, IREN Stocks Extend Slide Overnight: Retail Eyes The Dip As CoreWeave CEO Says Market Acting ‘Irrationally’
- Tesla-SpaceX Merger Could Be Announced As Early As Before December AGM, Says Barclays
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- Fed's Goolsbee says September CPI data was discouraging
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13 October
13 more from 13 October →- Elon Musk Says Micron Has Been ‘Reasonable’ in Future Pricing Memory Where Others Were ‘Extortionate’ — ‘Customers Won’t Forget’
- Rivian spinoff Mind Robotics hires ex-Ford EV chief Doug Field
- Bank of America hit with $1.2 billion penalty over money laundering failures
- Fed's Collins sees another rate hike on the table before end of 2026
- Anthropic warns AI could 'self-replicate' across smart home devices, become 'challenging' to shut down
- The advent of superintelligent AI poses 3 big challenges for investors, Deutsche Bank warns
- Nebius (NBIS) Has Pricing Power. Its Earnings Don’t Show It Yet.
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12 October
43 more from 12 October →- Nvidia's China AI-chip share falls as Huawei closes gap, report finds
- Elon Musk Says China Can Out-Scale the World, but Advanced Memory ‘Will Be Harder to Solve’ — Micron, SK Hynix, SanDisk Drop After-Hours
- SNDK, MU, INTC, AMD, SKHY: Chip Stocks Extend Slide As AI Funding Concerns, China Competition Weigh On Sector
- Why Meta (META) Stock Is Up Today
- AbbVie vs. Eli Lilly: Which Healthcare Stock Is a Better Buy in 2026?
- Chamath Palihapitiya, Elon Musk Highlight Power, Cooling As Real Barriers In The AI Race Where ‘Everyone Competes With Everyone’
- ASML CEO Says AI Chip Boom Could Stretch Beyond 2028, but Broadcom Warns of Financing Bottleneck
- Maia 300: Microsoft Builds the Exit From a Compute Landlord Model It Helped Finance
- Intel aims to boost AI turnaround with new GPU chips to take on Nvidia