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Joined March 2024
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CoreWeave $CRWV and IREN closed at 2026 lows Thursday as neocloud stocks sold off. Nebius is still up 90.1% this year.
Line chart of year-to-date total returns for four neocloud stocks from the December 31, 2025 close to the October 22, 2026 close. Nebius is up 90.1% after peaking above 240% in June. Applied Digital is down 22.1%, CoreWeave is down 22.4% and IREN is down 32.5%.

ALT Line chart of year-to-date total returns for four neocloud stocks from the December 31, 2025 close to the October 22, 2026 close. Nebius is up 90.1% after peaking above 240% in June. Applied Digital is down 22.1%, CoreWeave is down 22.4% and IREN is down 32.5%.

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Opening Bell Daily🔔 retweeted
Phil Rosen
@philrosenn1h
JPMorgan's top AI strategist does not believe the AI boom is a bubble. I sat down with JPMorgan global market strategist Stephanie Aliaga to discuss the latest sell-off in semiconductors and neoclouds, financing risks, hyperscaler and frontier lab moats, token economics, and the best opportunities in the market today. Stephanie is one of the leading voices on Wall Street covering AI. This conversation is packed with unique ideas. TIMESTAMPS: 0:00 - Still early in AI 2:43 - Neocloud financing fears 4:46 - Demand vs. financing 7:10 - Hyperscaler balance sheets 10:46 - Frontier lab token economics 15:06 - AI agents boom 17:05 - Enterprise AI adoption 20:24 - Where's the productivity gains? 26:24 - Where to invest now 30:16 - Favorite sectors 34:07 - US vs. international 37:29 - Too late to buy AI? 39:07 - What could derail the AI trade 40:44 - Follow Stephanie
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Meta $META just booked record sales and still had negative free cash flow. Its spending on property and equipment rose 80%.
Line chart of Meta's quarterly capex, measured as purchases of property and equipment, and its operating cash flow from the first quarter of 2012 through the third quarter of 2026, in billions of dollars. Operating cash flow stays above capex from the third quarter of 2012 onward. After 2012, the two lines come closest in the third quarter of 2022, at $9.38 billion of capex against $9.69 billion of operating cash flow. Capex then jumps to $30.12 billion in the second quarter of 2026 and $33.94 billion in the third quarter, topping operating cash flow of $32.79 billion. The last time capex was higher was the second quarter of 2012, at $413 million against $242 million.

ALT Line chart of Meta's quarterly capex, measured as purchases of property and equipment, and its operating cash flow from the first quarter of 2012 through the third quarter of 2026, in billions of dollars. Operating cash flow stays above capex from the third quarter of 2012 onward. After 2012, the two lines come closest in the third quarter of 2022, at $9.38 billion of capex against $9.69 billion of operating cash flow. Capex then jumps to $30.12 billion in the second quarter of 2026 and $33.94 billion in the third quarter, topping operating cash flow of $32.79 billion. The last time capex was higher was the second quarter of 2012, at $413 million against $242 million.

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Today's edition openingbelldailynews.com/p/m…

Meta's spending just topped its operating cash flow

Meta booked record quarterly sales, but its spending on property and equipment topped its operating cash flow for the first time since 2012.

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The equal-weight S&P 500 ETF beat the S&P 500 ETF by 1.9 points Thursday, the most since July 2024. 336 of 503 S&P 500 stocks closed higher even as the index fell.
Column chart of the daily return of the equal-weight S&P 500 ETF minus the S&P 500 ETF since July 2024. On October 22 the gap was 1.9 points, the most since July 11, 2024.

ALT Column chart of the daily return of the equal-weight S&P 500 ETF minus the S&P 500 ETF since July 2024. On October 22 the gap was 1.9 points, the most since July 11, 2024.

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How it works openingbelldailynews.com/p/e…

Equal-weight vs S&P 500: how the average stock stacks up

The equal-weight S&P 500 gives every company the same weight. See how RSP and SPY compare in 2026, since 2003 and in the RSP to SPY price ratio.

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Chip stocks fell 6% Thursday, their worst day since June. The last bigger drop was a 7.0% fall on June 23.
Bar chart of the daily change in the VanEck Semiconductor ETF in 2026. It fell 6.0% on October 22, its biggest drop since a 7.0% fall on June 23.

ALT Bar chart of the daily change in the VanEck Semiconductor ETF in 2026. It fell 6.0% on October 22, its biggest drop since a 7.0% fall on June 23.

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Tesla $TSLA and SpaceX stocks are moving more in step than at any time since SpaceX's IPO. Their 30-day correlation hit 0.64 on Wednesday.
Line chart of the 30-day correlation of daily returns since SpaceX's IPO. The black line, Tesla with SpaceX, rose from 0.10 in late July to 0.64 on October 21, its highest since SpaceX's IPO. The gray line, Tesla with the S&P 500, was 0.72 on October 21.

ALT Line chart of the 30-day correlation of daily returns since SpaceX's IPO. The black line, Tesla with SpaceX, rose from 0.10 in late July to 0.64 on October 21, its highest since SpaceX's IPO. The gray line, Tesla with the S&P 500, was 0.72 on October 21.

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China's CSI 300 is in a bear market after closing 20.2% below its June peak on Thursday. The S&P 500 is up 3.8% since that peak.
Line chart of the percent change in daily closes since the CSI 300's highest close of 2026 on June 22. China's CSI 300 closed 20.2% below that peak on October 22, a bear market, while the S&P 500 was up 3.8% through October 21.

ALT Line chart of the percent change in daily closes since the CSI 300's highest close of 2026 on June 22. China's CSI 300 closed 20.2% below that peak on October 22, a bear market, while the S&P 500 was up 3.8% through October 21.

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Meta $META capital spending topped its operating cash flow last quarter for the first time since 2012. Capex was $33.94 billion.
Column chart of Meta's quarterly operating cash flow and capital spending, in billions of dollars, from the fourth quarter of 2023 through the third quarter of 2026. In the third quarter of 2026, capital spending of $33.94 billion topped operating cash flow of $32.79 billion, the first time since 2012.

ALT Column chart of Meta's quarterly operating cash flow and capital spending, in billions of dollars, from the fourth quarter of 2023 through the third quarter of 2026. In the third quarter of 2026, capital spending of $33.94 billion topped operating cash flow of $32.79 billion, the first time since 2012.

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Western Digital $WDC stock fell after each of its last 3 earnings reports. The biggest drop was 13.0% in August, and it reports again after today's close.
Western Digital's stock move in the first trading session after each of its last 8 earnings reports. It fell after the last 3, including drops of 10.1% in January 2026 and 13.0% in August 2026.

ALT Western Digital's stock move in the first trading session after each of its last 8 earnings reports. It fell after the last 3, including drops of 10.1% in January 2026 and 13.0% in August 2026.

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Tesla $TSLA and SpaceX stocks are trading more closely than ever. In October so far, their correlation is 0.81.
Line chart of the 30-day correlation of daily returns since SpaceX's IPO. The black line, Tesla with SpaceX, rose from 0.10 in late July to 0.64 on October 21, its highest since SpaceX's IPO. The gray line, Tesla with the S&P 500, was 0.72 on October 21.

ALT Line chart of the 30-day correlation of daily returns since SpaceX's IPO. The black line, Tesla with SpaceX, rose from 0.10 in late July to 0.64 on October 21, its highest since SpaceX's IPO. The gray line, Tesla with the S&P 500, was 0.72 on October 21.

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Tesla and SpaceX stocks are trading more closely than ever

Tesla beat earnings estimates as its stock moved more in step with SpaceX than at any time since SpaceX’s June IPO, with merger talk building.

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Opening Bell Daily🔔 retweeted
Phil Rosen
@philrosennOct 21
Everyone makes money in a bull market and technology can make massive progress, but bear markets are just as useful. @MebFaber explains how downturns introduce capital discipline and really are a feature, not a bug, of cycles.
Phil Rosen
@philrosennOct 20
The AI boom is still ripping but a handful of undervalued corners of the market look set to outperform. I sat down with @MebFaber to unpack the "bear market in diversification," the global buyback boom, the risks of the tech trade, why he's bullish on non-US stocks, and building a new portfolio from scratch today. Meb is a true student of history. He's among the best of the best in markets. TIMESTAMPS: 0:00 - Historic bull market 4:28 - Bear market in diversification 7:40 - Opportunities outside the US 9:51 - US stocks look expensive 11:37 - Buyback revolution 17:02 - Value without avoiding tech 20:45 - SpaceX, Anthropic, OpenAI 22:34 - Will AI be a good investment? 27:07 - Building a portfolio from scratch 31:57 - Investing at all-time highs 33:28 - Shareholder yield 39:14 - @CambriaFunds @TheIdeaFarm
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SpaceX $SPCX trailed Arm and Alibaba but topped Facebook at day 90. Arm and Alibaba were up more than 40%.
Column chart of each stock's return from its IPO offer price to its close on trading day 90, counting the IPO day as day 1. Arm, which went public in 2023, was up 49.7%. Alibaba, 2014, was up 44.8%. SpaceX, 2026, was up 9.5%. Facebook, 2012, was down 46.6%.

ALT Column chart of each stock's return from its IPO offer price to its close on trading day 90, counting the IPO day as day 1. Arm, which went public in 2023, was up 49.7%. Alibaba, 2014, was up 44.8%. SpaceX, 2026, was up 9.5%. Facebook, 2012, was down 46.6%.

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SpaceX's AI and X segment made 52% of its revenue last quarter. A year earlier, that share was 15%.
Stacked column chart of SpaceX quarterly revenue by segment for the quarters its SEC filings break out. Total revenue was $4.07 billion in the first quarter of 2025, $4.07 billion in the second quarter of 2025, $5.58 billion in the third quarter of 2025, $4.69 billion in the first quarter of 2026, $7.81 billion in the second quarter of 2026 and $14.58 billion in the third quarter of 2026. The AI and X segment, which SpaceX reports as Super Intelligence and previously reported as AI, grew from $813 million in the third quarter of 2025 to $7.56 billion in the third quarter of 2026, 52% of revenue, up from 15% a year earlier. Connectivity, which includes Starlink, and Space make up the rest. The filings do not state the fourth quarter of 2025.

ALT Stacked column chart of SpaceX quarterly revenue by segment for the quarters its SEC filings break out. Total revenue was $4.07 billion in the first quarter of 2025, $4.07 billion in the second quarter of 2025, $5.58 billion in the third quarter of 2025, $4.69 billion in the first quarter of 2026, $7.81 billion in the second quarter of 2026 and $14.58 billion in the third quarter of 2026. The AI and X segment, which SpaceX reports as Super Intelligence and previously reported as AI, grew from $813 million in the third quarter of 2025 to $7.56 billion in the third quarter of 2026, 52% of revenue, up from 15% a year earlier. Connectivity, which includes Starlink, and Space make up the rest. The filings do not state the fourth quarter of 2025.

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The 15 largest S&P 500 companies made up 46.3% of the index's total market value at Tuesday's close. Nvidia alone was 7.5%.
Bar chart of the 15 largest S&P 500 companies' share of the index's total market value at the October 20, 2026 close. Nvidia was 7.5%, Apple 7.1%, Alphabet 5.8%, Microsoft 5.6% and Amazon 4.0%. Together the 15 made up 46.3%.

ALT Bar chart of the 15 largest S&P 500 companies' share of the index's total market value at the October 20, 2026 close. Nvidia was 7.5%, Apple 7.1%, Alphabet 5.8%, Microsoft 5.6% and Amazon 4.0%. Together the 15 made up 46.3%.

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404 S&P 500 stocks rose on Tuesday, the most in a single day since April 8. On Monday, only 176 rose.
Chart of how many S&P 500 stocks rose each trading day in 2026. On Tuesday, October 20, 404 rose, the most in a single day since 423 rose on April 8. On Monday, October 19, 176 rose.

ALT Chart of how many S&P 500 stocks rose each trading day in 2026. On Tuesday, October 20, 404 rose, the most in a single day since 423 rose on April 8. On Monday, October 19, 176 rose.

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SpaceX $SPCX closed Tuesday 9.5% above its $135 IPO price. It hit a $108.27 closing low in August.
Line chart of SpaceX's daily closing price from its June 12, 2026 IPO through October 20. The stock closed at a record $201.80 on June 16, fell to a low close of $108.27 on August 5, below its $135 IPO price, and closed at $147.79 on October 20, 9.5% above the IPO price.

ALT Line chart of SpaceX's daily closing price from its June 12, 2026 IPO through October 20. The stock closed at a record $201.80 on June 16, fell to a low close of $108.27 on August 5, below its $135 IPO price, and closed at $147.79 on October 20, 9.5% above the IPO price.

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SpaceX lockup: 1.3 billion shares eligible for sale Thursday

SpaceX closed Tuesday 9.5% above its $135 IPO price after beating revenue estimates, and up to 1.3 billion more shares become eligible for sale Thursday.

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