Core Insights - U.S. stock futures are trading lower, indicating a cautious market sentiment ahead of key earnings reports [1] Company Summaries - **Uber Technologies Inc. (NYSE: UBER)**: Expected to report quarterly earnings of 69 cents per share on revenue of $13.27 billion. Shares rose 0.7% to $100.40 in after-hours trading [2] - **Upwork Inc. (NASDAQ: UPWK)**: Reported better-than-expected third-quarter results and raised fourth-quarter guidance above estimates, leading to a 14.5% increase in shares to $17.89 in after-hours trading [2] - **Advanced Micro Devices Inc. (NASDAQ: AMD)**: Analysts expect quarterly earnings of $1.16 per share on revenue of $8.74 billion. Shares fell 0.6% to $258.17 in after-hours trading [2] - **Starbucks Corp. (NASDAQ: SBUX)**: Announced a joint venture with Boyu Capital to operate retail locations in China, resulting in a 0.4% increase in shares to $81.25 in after-hours trading [2] - **Pfizer Inc. (NYSE: PFE)**: Expected to report quarterly earnings of 63 cents per share on revenue of $16.59 billion. Shares gained 0.3% to $24.74 in after-hours trading [2]

Core Insights - OpenAI has committed to invest over $1.5 trillion in the coming years, addressing skepticism regarding its financial capabilities and growth potential [2][5] - The company has raised approximately $47 billion through venture capital in the past year, with a valuation reaching around $500 billion [2] - OpenAI has signed over $1 trillion in agreements this year, partnering with major companies like AMD, NVIDIA, Oracle, CoreWeave, Broadcom, Microsoft, and Amazon AWS [2][5] Investment Agreements - Oracle signed a $300 billion cloud services agreement with OpenAI as part of the $500 billion "Stargate" initiative, with SoftBank also participating in the funding [2] - OpenAI and CoreWeave established a partnership worth $6.5 billion, building on previous agreements totaling $22 billion [2][3] - A strategic partnership with NVIDIA involves an investment of up to $100 billion to support the deployment of at least 10 gigawatts of NVIDIA systems [2] Infrastructure Development - OpenAI and AMD reached a $300 billion agreement for a 6-gigawatt infrastructure powered by AMD Instinct GPUs, with AMD expected to receive over $100 billion in chip orders [3] - OpenAI and Broadcom are collaborating to develop custom AI accelerators for a 10-gigawatt data center, with total investment projected at $500 billion [3] - OpenAI has signed a new agreement with Microsoft, granting Microsoft a 27% stake in OpenAI valued at approximately $135 billion, while OpenAI commits to purchasing $250 billion in Azure services [4] Market Position and Future Outlook - OpenAI's annual revenue is approximately $13 billion, leading to questions about its ability to sustain such large investments, which CEO Sam Altman addressed with confidence in the company's growth [5] - The company is diversifying its revenue streams through various products, including ChatGPT, enterprise API services, and cloud business [5] - Speculation about OpenAI's potential IPO is increasing, with reports suggesting a valuation of around $1 trillion [5][6]

Market Performance - The S&P 500 advanced about 1.9%, the Dow Jones gained 1.7%, and the Nasdaq Composite surged about 4.2% in October 2025 [1] Earnings Season - Of the 222 S&P 500 companies that reported Q3 results, earnings increased by 10.7% year over year on 8% higher revenues, with 83.8% surpassing EPS estimates and 77.9% exceeding revenue forecasts; notably, 68.5% beat both metrics [3] Federal Reserve Actions - The Federal Reserve cut interest rates by a quarter percentage point, bringing the benchmark rate to a range of 3.75-4.00%, reflecting intentions to bolster economic growth and strengthen the labor market [4] U.S.-China Trade Relations - Hopes for easing U.S.-China trade tensions have increased investor confidence, with discussions between President Trump and President Xi Jinping indicating a pause in new trade tensions and a resumption of U.S. agricultural imports [5] - China will end investigations targeting U.S. companies in the semiconductor supply chain, as announced by the White House [6] Company Highlights - NVIDIA has reached a $5-trillion market cap, driven by partnerships with the U.S. Energy Department and Uber, among others, focusing on supercomputers and self-driving cars [7] - Advanced Micro Devices Inc. (AMD) shares surged 55.5% over the past month, bolstered by a multi-billion dollar strategic partnership with OpenAI [10] Gold Market - Gold prices fell in late October, with the SPDR Gold Trust losing about 0.8% over the past week and about 8.7% over the last 10 days, attributed to easing U.S.-China trade tensions and a stronger U.S. dollar [8] ETF Performance - The Defiance Leveraged Long + Income AMD ETF (AMDU) increased by 97.7% in the past month [9] - The Global X MSCI Argentina ETF (ARGT) rose by 35.3%, driven by political developments that strengthened confidence in fiscal reforms [12] - The CoinShares Bitcoin Mining ETF (WGMI) gained 29.7%, benefiting from increased institutional and corporate adoption of cryptocurrencies [13] - The Global X Hydrogen ETF (HYDR) increased by 28.2%, driven by the AI industry's demand for clean energy sources [14]

Core Viewpoint - Adeia has filed two patent infringement lawsuits against AMD, claiming that AMD's chips utilize its patented hybrid bonding technology, which is central to AMD's 3D V-Cache design, enhancing gaming performance and cache density [2][3]. Group 1: Patent Infringement Lawsuit - The lawsuits involve ten patents, including seven related to hybrid bonding technology and three concerning advanced logic and memory manufacturing processes [2]. - Adeia's claims arise after failed licensing negotiations over several years, with the lawsuits announced on November 3 [2]. - AMD has not commented on the lawsuits as of now [2]. Group 2: Hybrid Bonding Technology - Hybrid bonding technology is crucial for AMD's Ryzen X3D processors, allowing for a near-monolithic connection between chips, which enables stacking of 64MB SRAM without exceeding thermal or electrical limits [2]. - This technology utilizes TSMC's SoIC process series, which facilitates ultra-high-density 3D integration [2]. Group 3: Implications of the Lawsuit - The outcome of the lawsuit could redefine the boundaries between proprietary bonding methods and specific implementations by foundries, impacting the ownership of connection aspects in 3D chip designs [4]. - If Adeia's claims withstand early procedural challenges, the case may influence the valuation of all hybrid bonding processors in future licensing transactions [4]. - Historically, injunctions in such patent cases are rarely granted, leading to expectations that AMD's products will not be immediately affected [3].

Group 1 - Amazon's stock rose approximately 4%, reaching an all-time high, following a $38 billion agreement with OpenAI to supply NVIDIA AI chips over the next seven years [2] - This deal is seen as a validation of Amazon's capabilities in building and operating large-scale data center networks, despite its previous lag in the AI sector [2] - The AI-driven market rally has been further fueled by positive earnings outlooks from five of the "Big Seven" tech companies [2] Group 2 - NVIDIA's stock increased by over 2% after the U.S. approved a deal for Microsoft to sell chips to the UAE, allowing the shipment of advanced NVIDIA chips [2] - Tesla's stock rose by over 2%, while Google saw a nearly 1% increase; however, Intel, Netflix, and Meta experienced declines of over 1% [2] - The Nasdaq China Golden Dragon Index rose by 0.26%, with notable gains in Tencent Music and NIO, while Alibaba and JD.com saw slight declines [6][7]

Core Market Performance - The U.S. stock market showed mixed results on November 3, 2025, with the S&P 500 rising 0.2% to 6,851.97 and the Nasdaq Composite increasing 0.5% to 23,834.72, while the Dow Jones Industrial Average fell 0.5% to 47,336.68 [1][2] Key Market Movers - Nvidia's shares rose 2.2%, contributing to a year-to-date gain of 54.1%, driven by Microsoft's acquisition of export licenses for Nvidia chips [3] - Amazon's stock surged 4% following a US$38 billion agreement with OpenAI to utilize its cloud services for AI workloads [4] - IREN's shares jumped 11.5% after Microsoft secured a US$9.7 billion contract with the company [4] - Palantir Technologies' stock increased 3.3% ahead of its quarterly results, with analysts projecting a potential trillion-dollar market cap due to demand for its AI Platform [5] Corporate News - Kimberly-Clark's stock declined after announcing a US$40 billion acquisition of Kenvue [6] - Berkshire Hathaway's cash reserves reached a record US$381.7 billion [6] - Tesla gained over 2%, while Alphabet rose 1%, but Meta Platforms and Apple saw declines of 1.6% and 0.6%, respectively [6] - Cisco Systems received an upgrade from UBS, raising its price target to $88 due to strong demand in AI infrastructure [6] Economic Outlook and Events - The ISM Manufacturing PMI report indicated a contraction in U.S. manufacturing activity, raising concerns about the broader economy [7] - Key upcoming economic data releases include JOLTS Job Openings, ADP Non-Farm Employment Change, and unemployment claims [8][9] - The Federal Reserve recently cut interest rates by 25 basis points, with uncertainty about future cuts [10] Global Developments - A U.S.-China framework agreement was reached, easing rare earth export restrictions and considering semiconductor export relaxations [11] - OPEC+ decided to pause oil output hikes for the first quarter of 2026, with crude prices slightly declining [11] Market Sentiment - The market reflects a balance of optimism around AI-driven growth and caution due to mixed economic signals and potential government policy impacts [12]

Core Insights - AMD's upcoming earnings report is anticipated to provide insights beyond the recent quarter, particularly regarding the MI450 series [1] Company Analysis - Investors are focused on the implications of the MI450 series in relation to AMD's performance [1]

The third quarter earnings season is in full swing, with several AI players reporting results this week, including Palantir (PLTR), AMD (AMD), and Supermicro (SMCI). So far, the earnings season is off to a positive start. As of Oct. 31, 64% of S&P 500 companies have reported results, according to FactSet data, and analysts are expecting a 10.7% jump in earnings per share during the third quarter. If that figure holds, it would mark the fourth straight quarter of double-digit earnings growth but a decelera ...

Core Viewpoint - Advanced Micro Devices Inc. (AMD) is poised for a strong performance in November, driven by seasonal trends, a growing narrative in AI, and positive sentiment from Wall Street ahead of its third-quarter earnings report [1][11]. Earnings Expectations - AMD is expected to report earnings of $1.16 per share on revenue of $8.74 billion, reflecting a 26% increase in EPS from $0.92 a year ago and a 28% rise in revenue from $6.72 billion [2]. - The anticipated surge in earnings is attributed to AMD's increasing presence in the AI chip market, with its latest accelerators gaining traction among major enterprises [2]. November Seasonality - Historically, AMD has been the best-performing stock in the S&P 500 during November, averaging a return of 16.8% over the past decade and finishing higher in eight out of the last ten years [3]. - Since 1995, AMD has averaged a 12.07% gain in November with a 67% win rate, indicating strong seasonal performance [3][4]. AI Market Position - Bank of America analyst Vivek Arya has raised AMD's 12-month price target to $300, indicating a 13% upside, driven by optimism regarding AMD's AI trajectory and the upcoming launch of the MI450 rack 'Helios' [7]. - The Helios racks, which utilize AMD's Instinct MI450 GPUs, are set to launch in the second half of 2026, with significant interest from cloud giants like Meta and OpenAI [8]. - Arya projects that AMD could capture over 5% of the AI accelerator market by 2027, up from previous estimates of 3-4%, with a potential EPS of $10-11 in 2027 under a full OpenAI deployment scenario [9]. Future Outlook - Following the earnings report, AMD's Analyst Day on November 11 will be crucial for insights into growth strategy, product roadmap, and AI product guidance [10]. - Despite trailing Nvidia in AI GPU market share, AMD is establishing itself as a credible alternative for hyperscalers seeking to diversify their supply chains [10].

Core Viewpoint - Advanced Micro Devices Inc. (AMD) is poised for a strong performance in November, driven by seasonal trends, a growing narrative in AI, and positive sentiment from Wall Street ahead of its third-quarter earnings report [1][11]. Earnings Expectations - AMD is expected to report earnings of $1.16 per share on revenue of $8.74 billion, reflecting a 26% increase in EPS from $0.92 a year ago and a 28% rise in revenue from $6.72 billion [2]. - The anticipated surge in earnings is attributed to AMD's increasing presence in the AI chip market, with its latest accelerators gaining traction among major enterprises [2]. November Seasonality - Historically, AMD has been the best-performing stock in the S&P 500 during November, averaging a return of 16.8% over the past decade and finishing higher in eight out of the last ten years [3]. - Since 1995, AMD has averaged a 12.07% gain in November with a 67% win rate, indicating strong seasonal performance [3][4]. AI Market Position - Bank of America analyst Vivek Arya has raised AMD's 12-month price target to $300, indicating a 13% upside, driven by optimism regarding AMD's AI trajectory and the upcoming launch of the MI450 rack 'Helios' [7]. - The Helios racks, which utilize AMD's Instinct MI450 GPUs, are set to launch in the second half of 2026, with significant interest from cloud giants like Meta and OpenAI [8]. - Arya projects that AMD could capture over 5% of the AI accelerator market by 2027, up from previous estimates of 3-4%, with a potential EPS of $10-11 under a full OpenAI deployment scenario [9]. Future Outlook - Following the earnings report, AMD's Analyst Day on November 11 will be crucial for insights into growth strategy, product roadmap, and AI product guidance [10]. - With strong earnings expectations, favorable seasonal trends, and increasing exposure to AI, AMD is well-positioned for a breakout month, contingent on the earnings results [11].