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Nasdaq had its worst day since June as the AI and chip trade was aggressively unwound. Equal-weight S&P rose while the headline index fell, highlighting how concentrated the damage was. Mark Gardner covers: The sharp sell-off in chip and AI names (Meta, Lam Research, NVIDIA and others)Trump’s midterm campaigning and the growing NIMBY backlash against data centres over power billsSOX sitting on its 200-day moving average after a 27% decline from the highsWhy bond yields fell on recession fears tied to a potential slowdown in the data-centre build-outChina tech’s ongoing bear market and the practical AI angleOil jumping to a five-month high on Middle East embassy evacuationsWhy buying the first dip on big fallers has historically been a losing strategyRisk-off tone into the weekend. Bulls vs Bears this afternoon focuses on “The Rise of the NIMBYs.” Also: fixed coupon notes and free Mosaic access until year-end. General advice only. Not personal financial advice.

SpaceX lit up the AI trade overnight while Tesla and Meta both beat after the bell. Chips bounced hard (Supermicro +9.5%, Nvidia and the rest green), Tesla free cash flow came in positive $1.53bn against a cash-burn forecast, and Meta’s Q4 guide beat consensus. AT&T sold off despite beating because SpaceX is positioning to be the phone company. Lam Research and Netflix disappointed after hours. Fed hike odds for the next meeting are down around 15%. UK inflation jumped to 3.5%. Oil remains above $100. Global indexes eked out gains, Nasdaq the biggest winner as the AI trade recovered from its brief scare. NextDC dropped 41% after a local power block that looks linked to their financing terms — the electrical engineering contractors that have been smashed look interesting value from here. Lithium names are trading near project value or ~2x book; critical minerals haven’t stopped being critical. ASX futures pointing to a steady open. Fixed Coupon Notes on precious metals miners and lithium producers (13–16%) plus Aussie blue chips (11.3%) — EOI closes Friday. Free Mosaic for the rest of 2026 at mpcinvest.co/freemosaic. General advice only. Seek professional advice.

Oil spiked then faded and the Dow pushed higher overnight as US earnings did the heavy lifting. Mark Gardner covers the overnight session and the ASX open. Brent topped US$110 intraday on fresh Hormuz tanker attacks before settling ~1% lower. US pending home sales fell 7.3% — the worst since 2001. On earnings: GE sold off on a soft outlook with money rotating into healthcare and financials; Netflix –5%, Supermicro +12%, Intuitive Surgical –11%, Capital One +5%, with United and GM lower. SpaceX posted US$14.6bn revenue (up 161%) on AI and Starlink. Meta and Tesla report tomorrow. Chinese AI names look like value versus priced-to-perfection US tech. Metals mixed — silver, copper and platinum higher; lithium and uranium still soft. ASX: SPI futures +~30pts, NAB cutting 2,500 jobs, and CATL’s electric-truck battery-swap push is a lithium positive. Mark’s latest Livewire piece on the critical minerals sell-off: livewiremarkets.com (search Mark Gardner). Subscribe for a daily market wrap, and catch Bulls vs Bears for the weekly deep dive. General advice only. Prepared without taking into account anyone’s objectives or financial situation. Not personal advice. Past performance is not a reliable indicator of future performance. MPC Markets — AFSL 296877. ⚠️ Accuracy flags for your check: Short links: The audio says “npcinvest.co/income” and “npcinvest.co/freemosaic,” but your brand domain is mpcinvest.co (per your product links), so I’ve used mpcinvest.co/freemosaic. Please confirm the exact live short-links for the Mosaic free trial and the Income/FCN page (your records also show the full page as mpcmarkets.com.au/fixed-coupons) before publishing. FCN details (not included above as they’re a sales offer, not usually in the podcast description — tell me if you want them added): EOI close Fri 23 Oct, strike early next week; Aussie blue chips (BHP, CBA, Wesfarmers, CSL) ~11.3% pa, quarterly cash coupon; plus precious-metals miners (Pan American Silver, AngloGold, Barrick) and lithium producers (Albemarle, PLS, SQM); 24-month term, 8 payments, wholesale investors only. Livewire link: I used your contributor profile URL from memory rather than a specific article URL (the episode didn’t state one). Swap in the direct article link if you have it.

Chips snapped an eight-day slide overnight, with Amazon leading tech higher (+5%) after Morgan Stanley tagged it a top earnings-season pick and Intel bouncing on a JP Morgan upgrade. CoreWeave found defenders despite debt worries, the banks lagged, and Tesla rose as Elon pledged a SpaceX share to every child in America. Phil and Mark also cover the worst start to a US earnings season since 2024 (Meta, Tesla and Lam Research all report this week), a quiet-but-green session across the indices, a busy M&A Tuesday, private equity’s steady shrinking of the ASX, and the latest moves across gold, silver, lithium and uranium. Plus: new Fixed Coupon Notes with expressions of interest closing Friday — ASX blue chips, US precious-metals miners and the big three lithium producers. Fixed Coupon Notes: https://mpcinvest.co/income Try Mosaic free to year-end: https://mpcinvest.co/freemosaic Follow on Apple Podcasts, Spotify & YouTube. General advice only — opinion and commentary, not prepared taking into account your personal objectives. Please seek professional advice.

Oil tops US$100 and Brent clears US$110 as the AI sell-off rolls on — chips have now fallen for eight straight days, their longest losing run since 2008, shedding more market cap than the entire ASX 200. Mark and Phil cover the AI unwind (Broadcom, Micron, AMD, Intel, Lam Research, Applied Materials, Oracle, and CoreWeave down ~12% Friday), why credit default swaps on AI debt are suddenly in focus, and the difference between secured, unsecured and convertible debt across the big names. Also today: bond yields falling on a safe-haven bid, the Nasdaq 100’s worst week in 18 months, the ASX benefiting from being “non-AI” (Pro Medicus, WiseTech), oil lifting Chevron to fresh highs while ASX energy names look stretched, and lithium and uranium down ~8% on the week. Plus the week ahead — Chinese GDP, RBA Assistant Governor Kent, FOMC next week — a big US earnings slate (Tesla, Intel, Texas Instruments, IBM, RTX, Netflix), and ASX M&A with Cleanaway and Reliance Worldwide. For the deeper dive on inflation and the AI credit crunch, check out Bulls vs Bears. Get Mosaic free for the rest of 2026, and submit your portfolio for a free review at the MPC Markets website. For professional use only. Not financial advice. Mosaic URL — the transcript gives two conflicting, garbled versions (“fbcinvest.co.au” and “npcinvest.com/freemosaic”). I’ve left a placeholder rather than guess. Your usual one appears to be mpcinvest.com — please drop in the correct free-Mosaic link.“NEXTDC” / Megaport — Phil mentions data-centre names; “Megaport” is clear, but the second (“XTCs”) is most likely NEXTDC (NXT) — confirm before relying on it. I kept it generic as “data-centre names” in the copy.S&P figure — the VTT garbles this as “down one point one… worst week for the S&P since June.” I’ve written “worst week since June” and left the exact % off; verify if you want a number in.Netflix broker note — Mark was unsure whether the cautious note was Citigroup or Barclays, so I left it out of the descriptions entirely.CoreWeave unsecured rate — transcript says “fifteen or sixteen percent”; I wrote ~15–16%.Flags to confirm before publishing (accuracy)

The rally broadens as investors abandon chip stocks for a seventh straight session. Mark and Friday Phil cover a session that was green everywhere except semis — Nvidia -1.8%, Dell down ~22% in three days — while gold and silver miners, lithium, healthcare and software led the “great rotation” higher. Also in today’s call: a hot US PPI print (+1.3% m/m vs +0.6% expected, ~6.3% y/y, hottest since March); the CoreWeave credit scare debunked (the 16% rate only applies to unsecured finance — weighted-average is ~8.3% — and Jensen Huang says rates are easing); why banks marketing Oracle CDS is worth watching; WiseTech +4–5% as Richard White is cleared of insider trading; the KOSPI down ~40% from its June high; and the big earnings run ahead (Tesla, Netflix, Intel, IBM, RTX next week; Google, Microsoft, Meta, Apple, Amazon the week after). New income / fixed coupon notes are now open — precious-metals miners (>13% p.a.), lithium (~16% p.a.) and the “True Blue Chips” CBA/BHP/Wesfarmers/CSL (~11% p.a.). Wholesale investors only. Free Mosaic subscription (to end of 2026): https://MPCInvest.co/freemosaic For professional use only. Not financial advice.

Tech stocks took an absolute beating overnight — the SOX fell 4.3%, now 20% off its peak and down for a sixth straight day, with every data-centre name (Nvidia, Intel, AMD, Oracle, Dell) sold off. Mark Gardner covers a shaky start to US earnings season (Bank of America down ~6% on a surprise impairment, a soft JPMorgan, Morgan Stanley off 2.75%), the defensive rotation into healthcare, Chevron and Exxon at 52-week highs, MPC's exit from its NeoCloud calls, CoreWeave's debt squeeze, a hotter-than-expected CPI pushing rates back up, the oil and diesel story, and why hyperscaler earnings over the next two weeks are the big near-term risk for the AI trade. Rounds out with the SPI, Aussie jobs and the day ahead. Get the US earnings calendar on Mosaic: https://mpcinvest.co/earningsUSA Mosaic free through to end of 2026 with all Platinum recommendations: https://mpcinvest.co/freeMosaic For professional use only. Not financial advice.

Fed’s Williams signals one more hike then done — bond yields dropped 10bps but stocks still slid. We break down: Micron’s 3.6% drop on China’s CXMT chip news (and why it’s an overreaction), JP Morgan’s first earnings miss since 2023 while Goldman crushed it, the lithium bloodbath (PLS -8.6% in a day, -21% in three sessions), growing skepticism around the data center trade after AirTrunk and Firmus, and the RBA hinting at holding rates. Plus US CPI tonight and what to watch from Bank of America and Morgan Stanley. Try Mosaic free through year-end → npcinvest.co/freemosaic

A quiet night with US bonds shut for Columbus Day. Mark Gardner runs through chip stocks sliding, Brent up about 2% on reports of a tanker hit in Hormuz, Meta's new Muse AI model, upgrades for Salesforce and eBay, and Starbucks ruling out Chipotle. Locally: Maas down 15% after Firmus pulled its listing, uranium, lithium and rare earths getting belted, plus RBA minutes, the NAB survey and the Telstra AGM today. Tonight, US bank earnings kick off, with CPI and PPI later in the week. US earnings calendar: mpcinvest.co/earnings-usa Free month of Platinum on Mosaic: https://mosaic.mpcmarkets.com.au/ General information only, not personal advice. MPC Markets is a CAR (001307357) of LeMessurier Securities, AFSL 296877.

Stocks Shrug off Oil and Bonds into 1st Week of Earnings Wall Street finished Friday within striking distance of all-time highs as investors brace for Q3 bank earnings this week. The S&P 500 rose 0.59%, the Dow gained 0.83% and the Nasdaq added 0.64% — all three logging weekly gains. Analysts expect roughly 31% year-on-year earnings growth with AI and energy driving two-thirds of the increase. Banks are expected to unveil a quarterly stock-trading haul of nearly US$19 billion — JPMorgan, Goldman Sachs, Wells Fargo and Citigroup all report this week. In today’s call: gold and precious metals rallied 1.5–2.5%, the Firmus IPO collapse continues to weigh on Australian AI sentiment, and why midterm election uncertainty could make corporate outlooks unusually cautious this earnings season. Columbus Day today — US bond markets closed, equities open. SPI futures point to a quiet Monday open. Free US Earnings Calendar → mpcinvest.co/earningsUSA

US semiconductor stocks were hammered after an FT report pegged OpenAI’s annualised revenue at ~$50 billion, roughly $20 billion below prior estimates. The SOX dropped 3.4%, Brent crude surged 4% past $104 on Strait of Hormuz attacks and Gulf Coast hurricane shut-ins, and Treasuries rallied with the 10-year yield falling 6 bp to 5.22%. ASX 200 futures point to a mildly positive open at 8,715 amid Firmus IPO uncertainty and weak Fortescue shipments. Key Takeaways: OpenAI revenue gap hammers chip stocks — SOX down 3.4%Brent crude past $104 on Middle East tensions & hurricane supply disruption10-year yield falls 6 bp after solid 30-year auctionFed’s Waller signals more hikes; December odds ease to 69%Trump rules out Iran strike before midtermsASX futures +19 pts; Firmus IPO & Fortescue in focus

Wall Street snapped a four-session win streak as 10-year and 30-year Treasury yields surged to their highest levels since 2002. Fed minutes revealed all 19 officials backed September's rate hike, with most signalling another by year-end. Brent crude settled near US$100 amid ongoing Hormuz tensions, France's bond crisis deepened with the Franco-German spread at 141bp, and the AI bubble debate intensified. Plus chart updates on Telix, ProMedicus and New Hope, and a preview of US earnings season starting next week.

Wall Street surged to all-time highs overnight — the S&P 500 closed at a record 7,820.85 and the Nasdaq hit 27,599.79 as six of the Magnificent Seven advanced on renewed AI and chip stock enthusiasm. G7 nations agreed to release 100 million barrels of emergency reserves, Constellation Energy jumped 12% on a nuclear deal with Google, and uranium surged 4%. Gold, silver and copper rallied while the Aussie dollar ticked higher. The ASX is set to open flat as the RBA flagged household AI stock exposure as a potential vulnerability. Plus — the US earnings calendar for October is live on Mosaic. 📈 US Earnings Calendar: mpcinvest.co/earningsUSA

The Nasdaq closed at a record high overnight — up 1.05% to 27,477 — even as US 10-year yields hit 5.35%, their highest since 2002. With European bonds under pressure, private credit gating redemptions, and inflation eroding cash, big tech is starting to look like the only safe haven left. We break down BMO's call for 6% on the 30-year, Aramco's warning that global oil stocks are "scarily thin," the divisive Firmus IPO opening on the ASX today, and why coal keeps quietly climbing. Plus a quick look at Russia's plague quarantine in Siberia. Topics: Nasdaq record, US bond yields at 2002 highs, French bond contagion, Spain snap election, Bessent credibility, Firmus IPO, oil prices, Aramco OSP cut, ASX outlook, MPC diversification strategy.

The US 10-year yield hit 5.34%, the highest since 2002, before reversing after Fed Vice Chair Jefferson signalled patience on further hikes. The S&P 500 recovered to close up 0.2% but the ASX 200 bore the brunt, falling 2.0% to its lowest since June. Brent crude surged 4.3% on a third US carrier deployment to the Middle East, China suspending fuel exports, and Iran warning of a "forceful response." Micron's blowout guidance lifted chips but Broadcom's $42B deal to lease AI chips to Anthropic raised circular-finance concerns. Russia warned it would use its "entire arsenal including nuclear weapons" to defend Kaliningrad. We look at ASX technicals, chart 40X and New Hope, and discuss MPC's multi-asset diversification fund. SPI futures +44 points — bounce expected at the open.