StreetAccount’s Bull/Bear Talking Points for Week-ended 30-Oct: 🐻 Bearish talking points • Big tech pressured despite largely upbeat AI takeaways with softness in other segments at both Google and Amazon and some scrutiny surrounding Microsoft's planned $25B+ debt sale. Elevated expectations also highlighted. Core businesses funding for AI buildout under some scrutiny in big tech earnings with focus on Google Search and Amazon advertising slowdowns (stock weakness another potential stumbling block). Tech earnings-driven pullbacks not limited to hyperscalers with Intel, ServiceNow, Fortinet, Sandisk, Seagate, Twilio, Reddit and Roblox some notable decliners. Input cost pressures across a range of industries with diesel/commodities, logistics and memory all flagged. Signs of bifurcated consumer and continued ramp in affordability pressures. Housing and repair/remodel weakness still an earnings/macro theme, particularly amid elevated rate backdrop. Resumption of kinetic activity in the Middle East following midterm elections still the consensus as US reportedly told several Gulf nations to prepare for a possible "short, intense" campaign against Iran. No uptick in 2026 hyperscaler capex guidance, a key bullish driver for the AI picks-and-shovels trade, while also thoughts capex discipline may be needed to reverse some of the negative hyperscaler sentiment. 🐂 Bullish talking points • AI trade bounced over first three days of week with funding overhang dampened (Meta, SpaceX, Broadcom), Anthropic S-1 and Oracle analyst day. Hyperscaler cloud growth and backlogs highlighted strong AI demand and companies all noted demand still exceeds available capacity. AI-driven power and grid buildout continued to ramp, highlighted by the likes of GE Vernova, Vertiv, Hubbell, AEP and Baker Hughes. Resilient consumer backdrop in focus with big consumer confidence beat and good Q3 metrics/Oct commentary from Visa and Mastercard. Rotation > broad risk off as late-week tech pressure accompanied by better breadth. Strong deal and capital return activity, including report of potential $80B+ acquisition of Lumentum by Marvell. Middle East diplomacy push kept de-escalation path open despite expectations for resumption of kinetic activity. Fed delivered a bit less of the "hawkish hold" than some expected, with focus on Warsh acknowledgement of tighter financial conditions, belief economy not running too hot, and dissent composition. $GOOGL $AMZN $MSFT $META $AVGO $ORCL $INTC $NOW $FTNT $STX $TWLO $RDDT $RBLX $LITE $MRVL $GEV $VRT $HUBB $BKR $V $MA $ANT #Anthropic# #BullBear# #MarketUpdate# #Equities# #FinTwit# #AI# #Tech# #BigTech# #AITrade# #Hyperscalers# #CloudComputing# #Capex# #MiddleEast# #Iran# #Fed# #HawkishHold# #Consumer# #PowerGrid# #AIInfrastructure# #MarketBreadth# #FinTwit# Gain immediate access to earnings insights with #StreetAccount#:

Hawkish hold? Quoting McEnroe: “You cannot be serious!” June '24 vs Now Nominal GDP: 6.2% vs 5.9% UE Rate: 4.1% vs 4.2% Core PCE: 2.8% vs 3.1% Fed funds: 5.4% vs 3.9% 🤔 Only so many ways to say the Fed's running it hot! New blog 👇 @CarsonResearch @RyanDetrick

Helping you understand why names like $MU, $SIVE, and $AAOI are down sharply today: Paradis Macro Report [June 9]: -> Iran war, yields/rates, and upcoming macro catalysts. Iran shot down U.S. Apache helicopter today while patrolling over the Strait of Hormuz. A confirmed US strike on Iran would: Spike oil = Hit risk appetite = Worsen equity weakness. Today, we already saw some violent factor rotation: Momentum/growth -> Value/defensive Highlighted by: - $QQQ: -4.2% intraday - $SPY: -2.7% intraday - $DJI: flat So, a very fearful / risk-off market right now, as seen by high growth names like $IREN, $AXTI and $LITE being down >10% today. Yields have also jumped after the June 5 payrolls beat (US 10Y: 4.54%). Meaning that Fed futures are now pricing in a rate hike by end of yr. Basically: Higher real yields = valuation compression for long-duration growth/AI names. (Long-duration because the value in AI equities sit in cash-flows years out) Ultimately, all this favours value/financials over AI growth names, which are all unwinding simultaneously right now. But directionally, AI supercycle names will all continue higher in the long-run, driven by huge hyperscaler capex. In terms of upcoming macro catalysts: 1. US May CPI [Jun 10]: A hot print (>4.2% headline) hardens the "Fed can't cut / may hike" narrative. = yields up, $ up, more pressure on AI/growth multiples. A soft core surprise would be the relief valve for chips. = relief rally in AI names. 2. $ORCL Earnings [Jun 10]: Strong RPO/capex execution = bullish for the entire AI supply chain (HBM, optical, packaging, networking). 3. FOMC [Jun 16-17]: The statement language (does it drop the easing bias / call labour "solid" vs "moderating") and the dots will reset the Y/E hike vs cut debate. A hawkish hold / hike-signaling dots = pressure on AI supercycle names. Any dovish surprise = relief for AI supercycle names. --- For inexperienced investors, I have advised countless times to avoid risky instruments such as options/leverage. Right now, with the current macro backdrop, stick to normal shares. Personally, I have slowed down most dip-buying to let this macro uncertainty wash through.