News
The day at a glance · 3 min read
Mood · Risk-Off
-75
Sentiment, −100 to +100
Q3 GDP Growth
3.4%+3.4%
Inflation Rate
3.6%3.6%
December Hike Probability
80%80%
Key driverDisappointing earnings from Google, ServiceNow, and Intel combined with persistent inflation reading of 3.6% triggered broad tech selloff
Daily briefTech Sector· Money365.Market AI ·

Tech Sells Off on Earnings Misses, Intel Warns on PC Demand

Nasdaq futures fell 2% as Google, ServiceNow, Intel reported disappointing results; macro concerns mount with inflation at 3.6%

Tech Market Overview

Bearish
01AMZN
Nasdaq futures fell 2% as major tech earnings disappointed and inflation data showed prices rising at a 3.6% annual rate. Third quarter GDP grew 3.4%, but persistent inflation has traders pricing in an 80% chance of a Federal Reserve rate increase in December. Multiple Big Tech companies including Amazon ($AMZN), Alphabet ($GOOGL), SpaceX, and Meta Platforms ($META) were cited as contributing to the tech stock selloff.

Semiconductors & PC Market

Bearish

AMD YTD Return

158.84%+158.84%
01INTC
Intel ($INTC) shares fell sharply after the chipmaker flagged that the PC market would decline 12% in 2026 and 10% in 2027, with a squeeze on memory chips hurting PC sales. Analysts cut price targets on the stock following the disappointing Q3 report and weak forward guidance.
02MRVL▼ -13.24%
Marvell Technology ($MRVL) is in late-stage talks to acquire Lumentum, an optical component supplier, as AI chipmakers expand their capabilities for data center connectivity.
03AMD
Advanced Micro Devices ($AMD) is expected to beat quarterly estimates when it reports next week, though Jefferies noted supply constraints and demanding valuation could limit near-term upside as investors focus on 2027 data center revenue potential.
04AMD
AMD ($AMD) has delivered a 158.84% year-to-date share price return despite a recent 4.84% pullback, with Meta Platforms ($META) confirming deployment of AMD Helios rackscale systems, EPYC processors and Instinct GPUs across its AI infrastructure.

Cloud & Enterprise Software

Bearish
01NOW▼ -26.95%
ServiceNow ($NOW) delivered results that contributed to the broader tech sector selloff alongside Alphabet ($GOOGL) and Fortinet. The enterprise software companies' disappointing reports weighed heavily on cloud infrastructure and SaaS stocks.

Big Tech Developments

Neutral

Apple Market Cap

$5.11T$5.11T

Apple TTM Revenue

$466.8B$466.8B

Apple Operating Profit

$154.9B$154.9B

Apple Net Income

$128.9B$128.9B
01AAPL
Apple ($AAPL) is scheduled to report earnings on Monday, November 2, 2026, with the company holding a market value of approximately $5.11 trillion. Over the last twelve months Apple ($AAPL) generated $466.8 billion in revenue and $154.9 billion in operating profit, with net income of $128.9 billion.
02GOOGL▼ -12.64%
Alphabet ($GOOGL) reported earnings that disappointed investors, contributing to a broader tech selloff. Within Alphabet ($GOOGL), YouTube is becoming a more important business and a bigger part of the media landscape, increasing its significance within the company's portfolio.
03AMZN
Investor Gene Munster expects investors to likely discount favorable September quarter results and an in-line December outlook for Amazon ($AMZN), viewing Alphabet's ($GOOGL) earnings disappointment as a warning sign. Amazon ($AMZN) was among the earnings losers overnight.

Consumer Tech & Streaming

Neutral
01SPOT
Spotify ($SPOT) shares are down 26%, with the world's largest music streaming platform using artificial intelligence to transform the listening experience. The company is working toward an early 2027 rollout of an AI-powered service that would let listeners remix and create covers.
02UBER
Uber ($UBER) continues to dominate ride-hailing, but Bank of America data shows its U.S. food-delivery app is losing users as DoorDash pulls ahead. Fewer Americans are opening Uber Eats according to the latest usage data.

Autonomous Vehicles Outlook

Bullish

2035 Robotaxi Market

$415B$415B

2035 Autonomous Trucking

$560B$560B

Total AV Revenue Potential

$2T$2T
GOOGL
01
Goldman Sachs forecasts a $415 billion global robotaxi market and a $560 billion autonomous-trucking market by 2035. The research estimates approximately $2 trillion in broader autonomous-vehicle revenue, including hardware, software, and services, though some of that spending would shift from existing transportation activities.

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