Bigly Season. $HOOD

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Robinhood $HOOD reported Q3 2026 revenue of $1.4B, up 12% YoY but slightly below the $1.42B estimate, while EPS of $0.51 missed expectations of $0.56, including a $0.07 per-share unrealized investment loss primarily tied to Robinhood Ventures Fund I. Net income declined 14% to $476M, while adjusted EBITDA increased 9% to $808M. Transaction-based revenue grew 19% to $867M, partially offset by a 9% decline in net interest revenue to $415M. Meanwhile, total platform assets climbed 19% to $396B, funded customers increased 7% to 28.7M, and Gold subscribers surged 34% to 5.2M, supported by $15.7B in net deposits. Robinhood now has 14 business lines generating over $100M in annualized revenue, with Rothera surpassing $100M in its first full quarter. CEO Vlad Tenev emphasized that customers are entrusting more assets to the platform as Robinhood expands its financial services ecosystem, although earnings growth continues to lag revenue growth. 2. SoFi $SOFI delivered a strong Q3 2026, with revenue surging 44% YoY to $1.4B, while adjusted EPS increased 64% to $0.18 and adjusted EBITDA jumped 70% to $469.8M, highlighting accelerating growth and improving profitability. Total members climbed 35% YoY to 17.1M, reflecting continued expansion across SoFi's financial services ecosystem. Looking ahead, the company issued bullish FY2027 guidance, projecting $6.4B in revenue versus $6B expected, EPS of $0.90 versus $0.82 expected, adjusted EBITDA of $2.24B, and net income of $1.28B. CEO Anthony Noto emphasized that SoFi is attracting more members, increasing the number of products used per customer, and generating more revenue per product, reinforcing management's confidence in the company's long-term growth and profitability trajectory. 3. Chinese technology giants Alibaba $BABA, Tencent, and ByteDance are reportedly seeking long-term memory supply agreements with Samsung Electronics and SK Hynix, according to Korean media, as demand for AI data center infrastructure continues to accelerate. While traditional memory supply contracts typically span 3–5 years, some Chinese cloud service providers are now requesting 10-year agreements extending through 2035 to secure access to critical DDR5 and LPDDR5 memory. The unusually long contract terms highlight growing concerns over future memory availability as hyperscalers expand AI computing capacity and compete for limited supply. The development could provide Samsung and SK Hynix with greater long-term revenue visibility and reinforces the structural demand outlook for the broader memory industry, including Micron $MU. 4. Meta $META has reportedly upsized its Class A common stock offering to $25B from $22.5B, pricing the shares at $625 each as the company raises additional capital to support its massive AI infrastructure expansion. Notably, NVIDIA $NVDA is investing $3B in the offering, while AMD $AMD is committing another $1B, giving two of Meta's major AI chip suppliers direct equity exposure to one of their largest customers. The expanded offering highlights Meta's increasingly aggressive capital-raising strategy as it prepares to spend $135B–$145B on capital expenditures in 2026. The participation of NVIDIA and AMD also underscores the growing financial interconnectedness of the AI ecosystem, with semiconductor suppliers investing directly in the hyperscalers purchasing their hardware. 5. Qualcomm $QCOM and Anduril are teaming up to launch BlueChip, a new venture focused on manufacturing rugged, waterproof, American-made laptops for the U.S. military, government agencies, law enforcement, and first responders, according to the Wall Street Journal. The devices will be assembled at Anduril's Arsenal-1 facility in Ohio and powered by Qualcomm Snapdragon X processors manufactured by TSMC in Arizona. Anduril founder Palmer Luckey said approximately 90% of the planned components already come from the U.S. and allied countries, with the long-term goal of producing the entire laptop domestically, including displays and other components currently sourced overseas. The initiative prioritizes secure computing, fully traceable supply chains, and reduced dependence on foreign manufacturing for national-security applications. The first laptops are expected in 2027, with pricing estimated at roughly 20% above conventional high-end PCs. 6. President Donald Trump made two major statements, reiterating his administration's decision to replace the terms “Artificial Intelligence” and “AI” with “Super Intelligence” and “SI” in official executive-branch communications, following a September executive order. Separately, Trump suggested that Venezuela could eventually become the 51st U.S. state, floating the possibility of replacing its presidency with a governorship during remarks in Corpus Christi, Texas. Trump also celebrated the U.S. military intervention in Venezuela and its subsequent oil agreement, describing the operation as a historic victory and highlighting expanded American access to Venezuelan oil reserves. 7. Tesla $TSLA rallied approximately 4% on Tuesday to $407.46, extending Monday's 5.2% gain as shares broke above key technical resistance levels. The rally was primarily fueled by Barclays upgrading Tesla to Overweight and raising its price target to $450 from $370, citing improving automotive demand, accelerating energy storage growth, and a potential merger with SpaceX $SPCX that could create a premium for Tesla shareholders. Meanwhile, Tesla's robotaxi expansion continues to gain momentum, with its Texas fleet reportedly exceeding 1,050 vehicles, Cybercabs outnumbering Model Ys, and additional service areas planned, including Dallas. Investors are also responding to improving FSD adoption, strong demand for energy storage from AI data centers, and signs of stabilization in Tesla's core automotive business. 8. Brazil's stock market experienced an extraordinary selloff on October 26, with the iShares MSCI Brazil ETF $EWZ plunging 19.8% in a single session, representing an estimated 8.4-standard-deviation move based on its historical daily volatility. Over the past 20 years, EWZ has averaged a daily return of approximately 0.04%, with a standard deviation of 2.36%, making Monday's decline an extreme statistical outlier. Under a theoretical normal distribution, a move of this magnitude would have an exceptionally small probability, illustrating just how unusual the selloff was relative to historical volatility. However, actual financial markets exhibit fat-tailed return distributions, meaning extreme declines occur more frequently than conventional statistical models predict. The plunge highlights the severity of the selling pressure in Brazilian equities and the risks associated with sudden market shocks. 9. Alphabet's $GOOGL Waymo is expanding its fully autonomous ride-hailing service by nearly 250 square miles across five existing U.S. markets over the next week, further accelerating its commercial robotaxi rollout. In Los Angeles, Waymo is extending service along the coast into the South Bay, including Torrance, while San Diego coverage will expand north to La Jolla, connecting riders to UC San Diego, the VA, and University Town Center. In Nashville, the company is expanding south to include Nashville Zoo, while Orlando will see its eastern service area nearly double alongside improved downtown coverage. The San Francisco Bay Area will also gain additional southern coverage, including a connection to Berryessa BART Station. The expansion increases Waymo's geographic reach and the number of destinations accessible to existing riders, rather than representing launches in five new cities, as Alphabet continues scaling its autonomous transportation network. 10. The top 10 most active options today by contracts traded were $NVDA with 2.4M contracts, $TSLA with 2.3M contracts, $AAPL with 1.2M contracts, $SOFI with 944K contracts, $SPCX with 852K contracts, $AMZN with 833K contracts, $MU with 716K contracts, $META with 709K contracts, $GOOGL with 529K contracts, and $AMD with 529K contracts. 11. Amazon $AMZN is reportedly working to reduce its reliance on Anthropic's AI models as the cost of operating Alexa+ continues to climb, according to Business Insider. Internal projections estimated that Alexa+ cloud computing expenses could reach approximately $1.7B in 2026, nearly triple the prior year's costs, prompting Amazon to explore routing more AI requests through its own lower-cost models and infrastructure. The company also considered delaying or scaling back Moonraker, its advanced AI agent initiative, which was projected to require more than $100M in GPU spending this year. The developments highlight the growing pressure on major technology companies to improve AI inference economics, reduce dependence on third-party model providers, and balance increasingly expensive AI capabilities with sustainable profitability. 12. U.S. stock market breadth is improving significantly, with the S&P 500 Equal-Weight Index outperforming the traditional market-cap-weighted S&P 500 by 4.0 percentage points in October, putting it on track for its second-strongest monthly relative performance since April 2009. The equal-weight index has gained 4.3% this month, compared with just 0.3% for the S&P 500, marking a sharp reversal from September, when equal-weight stocks underperformed by 4.7 percentage points, their worst relative month since March 2020. For comparison, the equal-weight index outperformed by 4.2 percentage points in April. Year-to-date, the Equal-Weight Index is up 13.4% versus 12.1% for the S&P 500, suggesting market leadership is broadening beyond the largest technology and AI companies as more sectors and individual stocks participate in the rally. WALL STREET IS THE GREATEST SHOW ON EARTH.

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