This week's megacap tech earnings suggest that the AI trade remains intact, according to Anshul Sehgal, global co-head of Fixed Income, Currency and Commodities in Goldman Sachs Global Banking & Markets:

After spending much of the past year treading water, megacap tech giants are finding their stride again. But Nils Rode from Schroders Capital tells Reuters that the risks of a valuation correction are rising — and private markets offer a more resilient strategy

Today was absolutely insane in the stock market Here's everything you need to know: 1. Weak September jobs report continues fueling bets the Fed skips an October hike 2. The Nasdaq hit a record high as megacap tech led 3. $NVDA, $META, $MSFT, and $TSLA all climbed more than 1% on the rate relief 4. $PTC soared ~33% after Schneider Electric agreed to buy it for $22.6B cash 5. $RXO jumped ~22% on a $5.8B buyout from C.H. Robinson 6. $CHRW sank ~11% after agreeing to sell off its brokerage arm in that deal 7. $CBRS rose ~9% after Sam Altman called the chip maker a close AI partner 8. The 10-year yield ticked up to 5.31%, still near multi-decade highs 9. WTI oil slid ~2% to $89 as G7 reserve releases and rising Mideast exports added barrels 10. The S&P 500 rose about 0.7%, the Dow added about 0.2%, and the Nasdaq gained just over 1% And that's just ONE trading day

While the market for tokenized stocks is new, its composition has already changed greatly in the past year. Crypto-linked products once dominated the market, but their share by market cap has dropped to 21% (as of June) from 79% a year earlier. They have lost the top spot to the "other" category — a long tail of hundreds of smaller listings — that now makes up 35% of the market, up from 15% a year earlier. The rest of the market is climbing too. Megacap tech — tech companies with a market cap around $100 billion or more — now make up 10.6% of the market by market cap as of June, up from 0.6% a year ago. ETFs and indices grew to 17.3% of the market in that same period, up from 4.5% a year earlier. The fastest riser has been, unsurprisingly, the AI and chips category. The category vaulted from less than $1 million in June 2025 — 0.3% of the market by market cap at the time — to 15.5% of the market as of a year later.