📊 Traders moved back into tech after last week’s AI rout. The Nasdaq rose 1.11% to 26,430.89, the S&P 500 added 0.41% and the Dow slipped 0.07%. The S&P lost nearly 2% last week, its worst since late June, while the Nasdaq tumbled 4.5%. 💻 Intel ($INTC) advanced 2% on a JPMorgan upgrade, part of a broad chip bounce that snapped a nine-day losing streak. The iShares Semiconductor ETF ($SOXX) gained 3.7%, with Sandisk up more than 6%, Marvell nearly 7% and Micron ($MU) about 3%. ☁️ CoreWeave ($CRWV) fell 0.4%, reversing early gains despite a Goldman Sachs upgrade to buy. Goldman cut its target to $106 from $139, still implying 73% upside. The stock dropped more than 25% last week, its worst since November 2025, and its credit default swaps have reached distress levels. 🗄️ Oracle ($ORCL) bonds are sitting close to junk territory as the AI trade cools. A downgrade would push its debt below investment grade, with knock-on effects across the financing that funds the buildout. 📉 Gartner is standing by its call that $3.5 trillion in AI investment is at risk on profitability concerns. Chief forecaster John Lovelock told CNBC compute capacity currently exceeds demand, with a lot of tokens being given away free, and expects most AI markets to collapse into a duopoly. 🏠 Homebuilder confidence fell to 29 in October, its lowest since June 2012, as mortgage rates topped 7%. NAHB’s Robert Dietz said buyer traffic is the weakest since April 2012 outside the pandemic. The iShares Mortgage Real Estate ETF hit $16.71, a six-year low. 🛢️ Oil split as Ukraine struck a St. Petersburg oil terminal and ship attacks picked up in the Persian Gulf. WTI settled up 2.22% at $103.66 while Brent fell 0.28% to $109.55. Longer-dated futures are rising on expectations the disruptions run well into 2027. 👨🏻💻 Researched and written daily by @timemino
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