StreetAccount Wednesday morning check-in: • AI trade outperforming again with heightened focus on favorable fundamental backdrop highlighted by earnings. SK Hynix the highlight following a big beat and comments about LTAs with 14 major customers covering 50%+ of its production capacity for 2027 and 2028, along with expectations for memory demand to outpace supply through 2030 (and $75B capital return). While AI earnings read-throughs were upbeat elsewhere in tech, some focus on a high bar. Renewed divergence between AI trade and breadth another area of scrutiny (one of the takeaways from Tuesday's trading). Oil strength the other big story today with report White House has told Gulf allies to prepare for a possible short-but-intense military campaign against Iran after the midterms. However, this has already been the consensus view (and oil has repriced for kinetic risk in recent weeks). FOMC meeting this afternoon increasingly framed as a likely non-event for stocks, while market much more interested in earnings from Microsoft and Google after the close (and Amazon the next day). Cloud revenue/backlog growth the key area of focus amid the myriad moving pieces surrounding capex and monetization dynamics. $MSFT $AMZN $GOOGL #SkyHynix# #MarketUpdate# #AI# #Equities# #Markets# #AIInfrastructure# #Memory# #HBM# #CloudComputing# #Capex# #Monetization# #CloudRevenue# #TechEarnings# #Earnings# #Oil# #Iran# #MiddleEast# #FOMC# #WhiteHouse# #Fed# #InterestRates# #FinTwit# Gain immediate access to unparalleled insights with #StreetAccount#: