MUBIT LAUNCHES A WAY TO TRAIN AI ON YOUR AGENTS’ WORK Companies can connect the OpenAI or Anthropic calls their agents already make, or import activity logs from tools such as Braintrust and Langfuse. It identifies repeated tasks, trains smaller models specifically for them and refreshes those models every few minutes. The company using Mubit owns the resulting models. Frontier models continue handling the remaining work, so businesses can build AI tailored to their workflows while keeping their existing setup.

Jensen Huang at GTC Berlin on why power constraints at one AI data center don't necessarily delay $NVDA's GPU shipments: “Meanwhile, we'll ship the computers to somebody who can use it.” “We're [Nvidia] the only computing platform that is standard for every AI model.”

U.S. 🇺🇸 UMICH SENTIMENT: Sentiment 48.0, (Est. 46.3) Current Conditions 46.7, (Est. 44.9) Expectations 48.8, (Est. 47.1) Inflation Expectations: 1-Year 4.7%, (Est. 4.7%) 5-10 Year 3.5%, (Est. 3.5%)

INFOSYS $INFY Q2’27 EARNINGS HIGHLIGHTS 🔹 Revenue: $5.15B (Est. $5.19B) 🔴; +1.3% YoY 🔹 Diluted EPS: $0.20 (Est. $0.21) 🔴 🔹 Operating Margin: 21.0% 🔹 CC Revenue Growth: +1.5% YoY; +1.2% QoQ FY27 Guide: 🔹 Revenue Growth: 1%-2%; constant currency 🔹 Operating Margin: 20%-22% Other Q2 Metrics: 🔹 Large Deal TCV: $5.2B; 62% net new 🔹 FCF: $928M; 113.3% of net profit 🔹 AI Share of Revenue: 10.5% 🔹 EPS Growth (Rupee Terms): +8.7% YoY Key Updates: 🔹 Interim Dividend: ₹26 per share Comments: 🔸 “Our AI revenue was at 10.5% and grew 29% quarter-on-quarter.”

AMERICAN EXPRESS $AXP Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $20.1B (Est. $20.12B) 🟡; +9% YoY 🔹 GAAP EPS: $5.42; +31% YoY 🔹 Adj. EPS: $4.68 (Est. $4.48) 🟢; +13% YoY 🔹 Pretax Income: $4.53B; +18% YoY 🔹 Net Income: $3.7B; +28% YoY FY26 Guide: 🔹 Adj. EPS: $17.60-$17.90 (Est. $17.63) 🟡 🔹 EPS: $18.30-$18.60 🔹 Revenue Growth: 10% Other Q3 Metrics: 🔹 Billed Business: $454.0B; +8% YoY 🔹 Credit Loss Provisions: $1.0B; vs $1.3B LY 🔹 Net Write-off Rate: 1.8%; vs 1.9% LY 🔹 Expenses: $14.5B; +9% YoY 🔹 Effective Tax Rate: 18.1%; vs 24.1% LY Key Updates: 🔹 GBTG Gain on Sale (pretax): $982M; $751M after tax 🔹 Adjusted EPS excludes the GBTG gain, net of the portion used to fund restructuring Comments: 🔸 “We had another strong quarter, delivering 9 percent revenue growth and EPS of $5.42, or $4.68 adjusted, up 13 percent year-over-year.”

ROGERS COMMUNICATIONS $RCI Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: C$5.44B (Est. C$5.38B) 🟢; +2% YoY 🔹 Adj. EPS: C$1.29 (Est. C$1.22) 🟢; -6% YoY 🔹 Adj. EBITDA: C$2.54B (Est. C$2.53B) 🟢; +1% YoY 🔹 Free Cash Flow: C$1.37B; +65% YoY 🔹 CapEx: C$524M; -46% YoY Affirms FY26 Guide: 🔹 Service Revenue Growth: 2026 outlook 🔹 Adj. EBITDA Growth: 2026 outlook 🔹 CapEx: 2026 outlook 🔹 FCF: 2026 outlook Segment Revenue: 🔹 Wireless: C$2.69B; +1% YoY 🔹 Cable: C$1.99B; flat YoY 🔹 Media: C$821M; +9% YoY Segment Adj. EBITDA: 🔹 Wireless: C$1.38B; +1% YoY 🔹 Cable: C$1.16B; +1% YoY 🔹 Media: C$84M; +12% YoY Announcements: 🔹 MLSE: Minority interest acquisition completed on October 1 🔹 Rogers Sports: Pursuing sale of a minority interest by the first half of 2027 Other Q3 Metrics: 🔹 Service Revenue: C$4.78B; +1% YoY 🔹 Adj. EBITDA Margin: 46.6% 🔹 GAAP EPS: C$0.88 🔹 Capital Intensity: 9.6% 🔹 Postpaid Phone Net Adds: 6 🔹 Postpaid Phone Churn: 1.03% 🔹 Mobile Phone ARPU: C$55.22 🔹 Retail Internet Net Adds: 10 Key Updates: 🔹 Net income attributable to RCI shareholders: C$482M 🔹 Restructuring, acquisition and other: C$104M 🔹 Change in fair value of subsidiary equity derivative instruments: C$38M 🔹 Depreciation and amortization on fair value increment of Shaw Transaction-related assets: C$173M 🔹 Gain on disposition of assets: -C$67M 🔹 Revaluation of subsidiary US dollar-denominated balances: C$19M 🔹 Income tax impact of above items: -C$45M 🔹 Adjusted net income attributable to RCI shareholders: C$704M 🔹 Completed MLSE minority interest acquisition for C$4.35B in cash 🔹 Returned C$270M in dividends; declared a C$0.50/share dividend Comments: 🔸 “Our third quarter results demonstrate strong financial discipline, with margin expansion in Cable and Wireless, record free cash flow, and further deleveraging despite lower market activity”

$SLB Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $9.45B (Est. $9.3B) 🟢; +2% pro forma 🔹 Adj. EPS: $0.64 (Est. $0.62) 🟢; -7% YoY 🔹 Adj. EBITDA: $2.07B (Est. $2.03B) 🟢 FY26 Guide: 🔹 Capital Investment: ~$2.5B Cash Flow: 🔹 Operating Cash Flow: $1.51B 🔹 Free Cash Flow: $828M Segment Revenue: 🔹 Production Systems: $4.0B; +6% pro forma 🔹 Well Construction: $2.89B; -3% YoY 🔹 Reservoir Performance: $1.63B; -3% YoY 🔹 Digital: $693M; +5% YoY 🔹 All Other: $544M; +37% YoY Revenue by Geography: 🔹 International: $6.99B; flat pro forma 🔹 North America: $2.40B; +13% pro forma Announcements: 🔹 Signed agreement to acquire Kelvion for ~$3.4B in cash and assume ~$0.7B of debt; expected to close in 1H27 Other Q3 Metrics: 🔹 Adj. EBITDA Margin: 21.9%; -121 bps YoY 🔹 Pretax Segment Op. Margin: 16.7%; -153 bps YoY 🔹 GAAP EPS: $0.49; -2% YoY 🔹 Net Income: $735M; -1% YoY 🔹 Digital Division ARR: $1.04B; +13% YoY 🔹 Data Center Solutions Revenue: $230M; +76% YoY Key Updates: 🔹 Reported revenue +6% YoY; Q3'25 included two months of ChampionX ($579M revenue); pro forma rates assume ChampionX from January 1, 2025 🔹 Charges & credits: $242M pre-tax 🔹 Pension settlement charge: $187M 🔹 Merger and integration: $55M Capital Return: 🔹 Share Repurchases: $656M (12.9M shares) Comments: 🔸 “SLB delivered solid third-quarter results with all regions growing sequentially — led by a gradual recovery in the Middle East, growth in North America land and broadening international activity in deepwater offshore basins.”

FIRST CITIZENS BANCSHARES $FCNCA Q3’26 EARNINGS HIGHLIGHTS 🔹 Adj. EPS: $55.37 (Est. $46.02) 🟢 🔹 GAAP EPS: $51.23 🔹 Net Interest Income: $1.70B 🔹 Noninterest Income: $734M Other Q3 Metrics: 🔹 Net Interest Margin: 3.07% 🔹 Loans & Leases: $157.19B 🔹 Deposits: $185.26B 🔹 Net Income: $606M 🔹 Provision for Credit Losses: $55M 🔹 Net Charge-offs: 0.27% 🔹 CET1 Ratio: 10.24% Capital Return: 🔹 Share Repurchases: $600M 🔹 Dividend: $2.10/share Key Updates: 🔸 BMO Branch Acquisition: 138 branches, ~$4.9B deposits, ~$650M loans 🔸 Purchase Money Note Prepayment: $8.0B 🔸 Reserve release: $48M 🔸 New Share Repurchase Plan: Up to $1.2B through 2027 Comments: 🔸 “Third quarter performance exceeded our expectations, fueled by strong, high quality top-line growth, accelerated loan and deposit growth, highly resilient credit quality, and expense discipline.”

$NVDA CEO Jensen Huang says “software licensing will become increasingly a major part of our company’s business.” He said it could cost “about $2,000 per GPU per year” to run NVIDIA’s software for AI agents in these AI factories. So, some napkin math at that price, before discounts: 500K licensed GPUs = $1B in annual revenue. 1 million licensed GPUs = $2B 5 million licensed GPUs = $10B So, hypothetically, NVIDIA could earn billions a year from GPUs it has already sold by selling enterprise software and support to the companies using them. Note: These are illustrative revenue scenarios using Jensen’s pricing example, not NVIDIA guidance or profit estimates.

SK HYNIX SCRAPS SOLIDIGM U.S. IPO AMID CAPITAL MARKET VOLATILITY & DUPLICATE-LISTING CONCERNS The company also halted a planned pre-IPO funding round, per Bloomberg. South Korean regulators had raised concerns that separately listing its flash-memory subsidiary could undermine existing shareholder value. The proposal also faced strong shareholder opposition. Goldman Sachs and Morgan Stanley had reportedly been selected to lead the potential offering. SK hynix says Solidigm will explore alternative financing options to expand production capacity.

Today's Key Events (All EST) — 10/23/2026 09:45: US S&P Manufacturing PMI Flash 09:45: US S&P Services PMI Flash 10:00: University Michigan Sentiment Final 13:00: US Baker Hughes Total Rig Count Before Open 👇 06:05: Flagstar Financial (FLG) 06:30: The Gorman-Rupp (GRC) 06:30: First Citizens BancShares (FCNCA) 06:40: GrafTech International (EAF) 06:45: Booz Allen Hamilton Holding (BAH) 06:45: Rithm Capital (RITM) 06:50: SLB (SLB) 07:00: American Express (AXP) 07:00: Rogers Communications (RCI) 07:00: Balchem (BCPC) 07:30: World Acceptance (WRLD) 08:00: Gentex (GNTX) 08:00: First Hawaiian (FHB) 08:00: Preferred Bank (PFBC) 08:15: Autoliv (ALV) 09:10: Infosys (INFY) After Hours 👇 AMC: River City Bank (RCBC)

OPENAI NEARS $30 BILLION FUNDING ROUND AT $1.25 TRILLION VALUATION: CNBC UAE investors and Coatue are leading the financing, which is being positioned as a bridge ahead of a potential IPO in 2027. OpenAI is targeting investor signatures by the end of next week, although the final amount has not been determined. The company is also negotiating a separate agreement to secure additional AI computing capacity from the UAE. Source: CNBC

SpaceX $SPCX is finalizing a $40 billion debt raise at sharply higher borrowing costs than its previous financing, according to Semafor. The lowest-rated portion is expected to carry an interest rate of around 8.3%, while a safer portion backed by AI chips could price near 7.75%. The safer portion is expected to price more than 1 percentage point above where SpaceX's existing bonds trade. The deal, led by Apollo and Goldman Sachs, is expected to be finalized next week.

COMFORT SYSTEMS USA $FIX Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $3.77B (Est. $3.4B) 🟢; +50% YoY 🔹 EPS: $13.91 (Est. $12.85) 🟢; +70% YoY 🔹 Gross Margin: 24.8% 🔹 Operating Cash Flow: $1.01B; +83% YoY 🔹 Backlog: $17.81B; +90% YoY Other Q3 Metrics: 🔹 Operating Income: $624.6M (Est. $583M) 🟢 🔹 Adj. EBITDA: $667.9M (Est. $629M) 🟢 🔹 Adj. EBITDA Margin: 17.7% (Est. 18.4%) 🔴 🔹 Net Income: $489.0M (Est. $446M) 🟢; +68% YoY 🔹 Operating Margin: 16.6% 🔹 Free Cash Flow: $805.6M 🔹 Same-Store Backlog: $17.39B; +85% YoY Comments: 🔸 “Strong ongoing demand and consistent excellence by our teams resulted in extraordinary results across every metric this quarter.”

VERISIGN $VRSN Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $443.0M (Est. $441M) 🟢; +5.7% YoY 🔹 GAAP EPS: $2.35; +4% YoY 🔹 Operating Income: $296.5M 🔹 Net Income: $212.6M Other Q3 Metrics: 🔹 Domain Name Base: 182.5M; +6.1% YoY 🔹 Net Domain Name Increase: 3.36M 🔹 New Domain Name Registrations: 13.1M; +24% YoY 🔹 Final Renewal Rate (Q2’26): 75.2% 🔹 Cash Flow from Operations: $268M; -13% YoY Capital Return: 🔹 Share Repurchases: 0.7M shares for $189M 🔹 Remaining Authorization: $1.36B 🔹 Dividend: $0.81 per share Key Updates: 🔹 Net income included a $7.5M pre-tax operating loss related to certain assets held for sale, which decreased diluted EPS by $0.06 🔹 .web Rollout: On track; limited beta opened for Verisign Informed™ Comments: 🔸 “The rollout of the .web top-level domain is on track”

NEWMONT $NEM Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $6.36B (Est. $6.31B) 🟢; +15% YoY 🔹 Adj. EPS: $2.20 (Est. $2.11) 🟢 🔹 Adj. Net Income: $2.31B (Est. $2.47B) 🔴 🔹 Adj. EBITDA: $3.95B (Est. $3.78B) 🟢 🔹 Free Cash Flow: $1.91B (Est. $3.36B) 🔴 FY26 Guide: 🔹 Attributable Gold Production: 5.3M ounces 🔹 Gold By-Product AISC: $1,520/oz 🔹 Sustaining Capital: $1.95B 🔹 Development Capital: $1.4B Q4 Guide: 🔹 Attributable Gold Production: 1,365 koz 🔹 Gold By-Product AISC: $1,900/oz Other Q3 Metrics: 🔹 Attributable Gold Production: 1.30 Moz 🔹 Realized Gold Price: $4,317/oz 🔹 Gold By-Product AISC: $1,454/oz 🔹 Gold By-Product CAS: $832/oz 🔹 GAAP EPS: $2.35 🔹 Operating Cash Flow: $2.77B 🔹 Net Cash Position: $3.2B Capital Return: 🔹 Dividend: $0.26/share 🔹 Returns Since Last Call: $1.9B 🔹 Buybacks Since Last Call: $1.6B 🔹 Remaining Authorization: $2.8B Key Updates: 🔹 Adjusted net income excludes a $40M gain on asset and investment sales 🔹 Net cash position is before the planned payment of $1.95B to Barrick, expected in Q4 🔹 Red Chris Block Cave full-funds investment decision expected in early 2027 🔹 Tanami Expansion 2 commercial production now expected in the first half of 2027 Comments: 🔸 “Newmont remains on track to achieve our full-year 2026 production guidance and improved full-year cost outlook, supported by disciplined operational execution in the third quarter, demonstrating the strength and resilience of our world-class portfolio.”

MAXLINEAR $MXL Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $218.1M (Est. $211M) 🟢; +72% YoY 🔹 Adj. EPS: $0.62 (Est. $0.55) 🟢; +343% YoY 🔹 Gross Margin: 60.0%; +90 bps YoY 🔹 Infrastructure Growth: +210% YoY Q4 Guide: 🔹 Revenue: $240M-$260M (Est. $221M) 🟢 🔹 Non-GAAP Gross Margin: 59.0%-62.0% Other Q3 Metrics: 🔹 Non-GAAP Oper Margin: 29.5%; +1,740 bps YoY 🔹 GAAP Net Income: $28.9M Announcements: 🔹 Credit Facility: Increased by $70M to $200M Comments: 🔸 “Strong momentum in our optical AI data center business reflects the volume ramp of our Keystone PAM4 DSP platform, as well as the strength of our expanding infrastructure portfolio”

DECKERS $DECK Q2’27 EARNINGS HIGHLIGHTS 🔹 Revenue: $1.48B (Est. $1.51B) 🔴; +3.5% YoY 🔹 EPS: $2.31 (Est. $1.79) 🟢; incl. tariff refund 🔹 Gross Margin: 60.5%; incl. tariff refund 🔹 Oper Income: $389.5M (Est. $309M) 🟢; w/ refund FY27 Guide: 🔹 Revenue: $5.70B-$5.73B (Est. $5.88B) 🔴 🔹 EPS: $7.80-$7.95 (Est. $7.53) 🟢; raised 🔹 HOKA: High-single-digit % growth 🔹 UGG: Low-single-digit % growth 🔹 Gross Margin: 58.5% 🔹 SG&A: ~35.5% of net sales 🔹 Oper Margin: ~23% 🔹 Tax Rate: ~23% Net Sales by Brand: 🔹 HOKA: $677.2M; +6.8% YoY 🔹 UGG: $786.4M; +3.5% YoY 🔹 Other Brands: $17.0M; -54.3% YoY Net Sales by Channel: 🔹 Wholesale: $1.09B; +5.5% YoY 🔹 DTC: $387.5M; -1.8% YoY 🔹 DTC Comps: -6.4% Net Sales by Region: 🔹 Domestic: $835.8M; -0.4% YoY 🔹 International: $644.7M; +9.0% YoY Other Q2 Metrics: 🔹 Net Sales (Constant Currency): +2.8% YoY 🔹 Inventories: $860.8M 🔹 Cash: $1.21B Key Updates: 🔹 Tariff refund benefit: $46.0M net refunds, $0.28 per share 🔹 FY27 tariff refunds: $87.9M, $0.52 EPS benefit Capital Return: 🔹 Buybacks: $299.3M (3.2M shares) 🔹 Remaining Authorization: $4.4B Comments: 🔸 “As we move through the back half of fiscal 2027, we are taking deliberate actions to strengthen our connection with consumers, sharpen execution, and concentrate resources behind our greatest opportunities.”