Milk Road AI(@MilkRoadAI):$SPY fell about 0.5% today to around $760, slipping to a low of $758.69 as oil near $116 a barrel weighed on the market even while chip stocks steadied. Here are the top stories you need to know. 1. Chip stocks steadied after Thursday's selloff, with the Philadelphia Semiconductor Index up about 0.6%, $MU up about 2.5%, $AMD up about 1.9% and $INTC up about 1.4%. 2. $NVDA CEO Jensen Huang said neocloud demand is "off the charts," but warned that the demand for capital is much greater than the capital available right now. 3. $CRWV kept falling as worries about its debt and rising financing costs weighed on neoclouds, with credit default swap spreads widening for $CRWV and $ORCL. 4. $BE fell about 12% despite record third quarter revenue of $1.24 billion, up 138% from a year ago, as investors focused on about $181 million of negative free cash flow. 5. $GOOGL, $MSFT and $AMZN report earnings next week, and Wall Street will be watching their AI spending plans closely. 6. The Federal Reserve also meets on Wednesday, the same day $GOOGL and $MSFT report. 7. SK Hynix scrapped its plan to list its Solidigm memory unit in the United States, and its shares rebounded about 2.6% in Seoul. 8. $T and $TMUS sank more than 6% after a report that $SPCX is seeking thousands of cell sites for a fourth wireless carrier, while $SPCX rose about 1.5%. 9. Cybersecurity stocks rallied, with $SAIL, $NET and $PANW each up more than 5%. 10. $WDC beat expectations on strong AI demand, while the stock traded close to flat.

2026.10.23 20:10

$SPY fell about 0.5% today to around $760, slipping to a low of $758.69 as oil near $116 a barrel weighed on the market even while chip stocks steadied. Here are the top stories you need to know. 1. Chip stocks steadied after Thursday's selloff, with the Philadelphia Semiconductor Index up about 0.6%, $MU up about 2.5%, $AMD up about 1.9% and $INTC up about 1.4%. 2. $NVDA CEO Jensen Huang said neocloud demand is "off the charts," but warned that the demand for capital is much greater than the capital available right now. 3. $CRWV kept falling as worries about its debt and rising financing costs weighed on neoclouds, with credit default swap spreads widening for $CRWV and $ORCL. 4. $BE fell about 12% despite record third quarter revenue of $1.24 billion, up 138% from a year ago, as investors focused on about $181 million of negative free cash flow. 5. $GOOGL, $MSFT and $AMZN report earnings next week, and Wall Street will be watching their AI spending plans closely. 6. The Federal Reserve also meets on Wednesday, the same day $GOOGL and $MSFT report. 7. SK Hynix scrapped its plan to list its Solidigm memory unit in the United States, and its shares rebounded about 2.6% in Seoul. 8. $T and $TMUS sank more than 6% after a report that $SPCX is seeking thousands of cell sites for a fourth wireless carrier, while $SPCX rose about 1.5%. 9. Cybersecurity stocks rallied, with $SAIL, $NET and $PANW each up more than 5%. 10. $WDC beat expectations on strong AI demand, while the stock traded close to flat.

Melvin@MelvinInvests

2026.10.23 13:35

This selloff is a lot closer to the bottom than we think. According to Jefferies, over the past 10 trading days, its clients have been net sellers of more than $1B worth of technology stocks on 7 separate days. This chart tracks the buying and selling activity of Jefferies’ clients over a rolling 20 day period. When the purple line is above zero, investors are buying more than they’re selling. When it’s below zero, they’re selling more than they’re buying. Right now, that number has collapsed to approximately negative $11B, making this one of the most extreme periods of technology selling we’ve seen in the past two years. For comparison, even during the major selloffs earlier in 2025 and 2026, the selling pressure wasn’t consistently this severe. And remember, this is just one investment bank’s trading activity. This also helps explain why companies across semiconductors, memory, power, and AI infrastructure have been getting absolutely crushed despite reporting strong earnings and continued demand. A lot of this selling isn’t necessarily happening because the fundamentals have changed. Large institutions are reducing exposure, managing risk and raising cash. When everyone starts selling at the same time, even the best companies get dragged down. Now, does this mean the bottom is definitely here? Of course not. Nobody knows that but historically, when selling becomes this extreme, it can be a sign that we’re getting closer to exhaustion. Eventually, the forced selling slows down, buyers return, and stocks can recover. My personal view is that we’re likely getting much closer to a bottom, I’m not changing my long term outlook on AI because hedge funds and institutions are aggressively selling technology stocks. The demand for compute, memory, power, and AI infrastructure hasn’t suddenly disappeared. I’m investing with years in mind, not weeks.

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