The Weekly Investing Preview - Week of Monday 9 November 2026 In this issue: the AI audit begins — last week’s crash and what really repriced; The Muse: the politics of a duress economy; the calendar for 9–13 Nov (CPI Tuesday, Cisco Thursday, PPI Friday); the earnings board; teaching case: Cisco, the toll road of the AI buildout; the news long-list with your captures; and why this is a week for hedging, not leverage. 1. Executive Summary Observation. Last week the market stopped applauding the AI story and started auditing it. On Thursday 5 November a single session erased roughly US$3 trillion of US stock value — the Nasdaq’s worst day in 19 months — after the midterm results raised the odds of slower data-center building. Underneath, the real economy did not blink: employers added 165,00

The coming famine is not about a shortage of supply but rather about its affordability.

Executive Summary Observation. US stocks fell sharply on 5 November, led by chipmakers. The S&P 500 lost 4.3%, the Nasdaq 5.5% and the semiconductor index 12% [1] (high). Finding. Forced selling and profit-taking explain much of the drop, but the cause is contested (medium). Credit stress is visible in a few names and is not yet systemic. Data center delivery is a second constraint. AI revenue is still growing. Call to Action. Watch three things: the October FINRA margin print (due in the third week of November) [6], AI credit spreads, and the 19 November data center loan auction [19]. Review each holding against its written thesis before acting on price. What happened The Nasdaq-100 lost $2.3 trillion and the VIX closed near 28, up about 70% [1] (high). Retail investors sold a net $35

Last week’s AI selloff wasn’t a crash — it was a rotation. But two bills landed at once: the AI capex bill and the first real AI credit bill. Our read on the week ahead — Apple, midterms, chip earnings, jobs — and the three ways it could break. Through My Asian Lens · Market Snapshot The AI Capex Reckoning As of Monday, 2 November 2026 (pre-US open). Figures through the Friday 31 Oct close, plus Monday's Asian tone. One-page visual summary — the full snapshot at a glance. Assumptions: "The week" means Mon 2 – Fri 6 Nov 2026. US data releases run on schedule. The Iran-oil and AI-credit backdrops persist but do not escalate into a system-wide event. Probabilities below are our judgement, not a forecast — treat them as medium-low confidence. Executive summary Observation Big Tech's Q3 earning

4 · News & My Investing Muse The news that moves prices ● The Fed pauses, December loads. Two officials wanted a hike now; every economist polled expects one on 9 December. Treat the pause as a comma, not a full stop. ● Midterms Tuesday. All 435 House seats, a third of the Senate. The market question is narrow: who writes tax and tariff law for two years. History says divided government suits stocks and the fuss fades within days. Both sides call it existential. Figure 12 — The midterm stakes as one side frames them (Elon Musk, X, 30 Oct 2026). ● Oil above US$100 is the common thread. Iran’s supply disruption sits behind the expected RBA and BoE hikes and behind the Fed’s two dissenters. Follow the chain to its human end — dearer oil means dearer diesel, fertiliser, freight and food. A

BK Trading — Weekly Market Preview Week of Monday 2 – Friday 6 November 2026 The week in short. Rates are still going up — the Fed held at 3.75–4.00% but December is near-certain; keep rate-sensitive bets small. America votes Tuesday — don’t trade the night; the calmer days after the count are the better moment. Palantir reports Monday evening — our teaching case in a stock priced for perfection. Confidence: high on the schedule (confirmed dates); medium on the Australia/UK rate rises (~90% priced, not promised); low on anything marked as an estimate — flagged at the end. 1 · Economic Calendar The Fed held and called it a decision, not a pause. Warsh kept the rate at 3.75–4.00% in a 10–2 vote; Cook and Hammack wanted a rise now. When officials dissent that way, the next move is more likely

How Much Profit Do the World’s Biggest Companies Keep? Key Takeaways Nvidia generates $55.60 in profit for every $100 in revenue, the highest margin among the 30 largest companies in the Fortune Global 500. Big Tech dominates the top of the ranking, with Microsoft, Alphabet, and Meta each keeping more than $30 of every $100 in revenue as profit. At the other end, several of the world’s largest retailers, health care companies, and energy firms keep less than $5 per $100. The world’s biggest companies generate enormous revenues, but the share that ultimately becomes profit varies widely. This graphic ranks the world’s 30 largest companies by how much profit they generate for every $100 in revenue, based on Fortune Global 500 data. Profits are after taxes, extraordinary credits or ch

My Investing Muse (26Oct2026) Waiting for the AI bank run An “AI bank run” is a possible risk, not a reported event [scenario]. In a bank run, withdrawals outpace repayment. Here, lenders and investors could withdraw funding faster than AI projects can replace it or renew debt. The risk is in credit markets, not bank queues. Rising lower-rated data-centre financing makes this scenario relevant. Cybersecurity and AI oversight. [fact] Last week brought an urgent CISA patch alert, a PyTorch supply-chain flaw and a critical GitLab bug. Claims that OpenAI lacks resources to address concerns are unverified. Can oversight keep pace with more autonomous AI? Sam Altman ruled out a 2026 IPO in September [fact]; a listing remains a future possibility. Listings require disclosure, while regulators sep

News and my thoughts from the past week (26Oct2026) 1. Major-company job cuts — American Express: 5%, about 3,500 employees; Barclays: 5,000 as AI improves efficiency; eBay: about 9%; Netflix: 6% globally, about 1,000 (WSJ via X user Zerohedge). Comcast plans significant cuts before its NBCUniversal spinoff (Bloomberg, 21 Oct). Perspective: cost savings are visible; extra AI revenue remains uncertain. 2. Morgan Stanley cuts its AMD chip forecast — Its 2026–2030 graphics-chip (GPU) forecast fell 43%, from 14.1 million to 8.0 million units: 5.9 million fewer (Morgan Stanley chart, 14 October). Perspective: weaker demand echoes the revenue and spending concerns in items 3 and 5. 3. AI revenue: expectations versus results — Rand Group Research compares combined OpenAI and Anthropic annual recu

Earnings Calendar (26Oct2026) Major earnings this week (Kimi compiled public calendars; Benson must confirm dates against his earnings calendar): · Wednesday: Microsoft and Alphabet after the close · Thursday: Amazon (AMZN) after the close — this week’s deep dive; Shell before the open · The shared question: is heavy AI spending generating sufficient returns? Amazon reports Thursday 29 October after the close; its call is at 5:00 pm ET. Figures come from the Yahoo Finance plugin and public sources. Profits are strong, but data-centre spending has sharply reduced free cash flow—cash left after capital investment. Valuation and sentiment. Amazon closed Friday at US$248.00, up about 10.6% over twelve months, with a market value near US$2.7 trillion. Barchart reports roughly 20% over its 52-we

Week ahead: 26 October 2026 — Central banks, the Fed and Amazon’s AI spending Economic Calendar (26Oct2026) Five major central banks announce rates this week, alongside the UK Budget. The Fed decides before key US inflation reports. Europe has ended summer time; the US changes on 1 November. For Asian readers, US events arrive one hour earlier than usual. 1. Fed decision — Wednesday 28 October, 2:00 pm ET (Chair Warsh’s press conference: 2:30 pm). Rates are 3.75–4.00%, following September’s first increase in three years. A hold is expected: 94 of 100 Reuters-polled economists predict no change; CME futures suggest a 10% chance of an increase. No updated rate forecasts (“dot plot”) are due. Watch the response to September’s 3.7% consumer inflation and signals of a December increase, as Pimc

4 · Last week’s leading news These are the main stories we are highlighting for readers this week, shown as they originally appeared so readers can judge them for themselves. @Kalshi_Finance · 16 Oct — CoreWeave founders cashed out $3.3bn. BigGo Finance · 15 Oct — CoreWeave founders’ $3.3bn cash-out; paper wealth down ~$15bn. @unusual_whales · 17 Oct — IMF warning on an AI-bubble hit to global growth. @WatcherGuru · 17 Oct — Bank of America on the AI investment cycle. @unusual_whales · 17 Oct — call to delay Anthropic’s IPO over AI-safety concerns. @coinbureau · 15 Oct — Anthropic Q3 revenue and IPO timing. Yahoo Finance — Nvidia’s Jensen Huang on cutting off unsafe-AI customers. @unusual_whales · 15 Oct — eight US states sue OpenAI. WSJ, via Threads — Netflix cutting about 1,000 jobs. @Tr