Welcome to Yahoo Finance's flagship show, Morning Brief. I'm Julie Hyman. Let's get to the three things you need to know today.First up, US stock futures kicking off November trading in positive territory. Investors gearing up for a busy week of earnings where we'll see results from AMD, Palunteer, Qualcomm, as well as others. Plus, Berkshire Hathway already out with its earnings.The company posted a solid performance in its insurance business. Its cash pile rose to a record $381.7% billion. But the company ...

Core Insights - Demand for AI computing resources is significantly exceeding supply, indicating a robust market for companies involved in AI technology [1] - Increased willingness to invest in AI infrastructure is expected to positively impact companies like Nvidia, AMD, and Broadcom, according to a Cantor analyst [1] Company Analysis - Nvidia is likely to benefit from the heightened demand for AI compute capabilities, positioning itself favorably in the market [1] - AMD is also expected to see positive outcomes from the growing investment in AI technologies, enhancing its market presence [1] - Broadcom stands to gain from the increased spending on AI infrastructure, aligning with the overall trend in the tech industry [1]

Group 1 - Major reports from tech and healthcare companies are expected in the upcoming week, including Shopify Inc., Uber Technologies Inc., Pfizer Inc., and Advanced Micro Devices Inc. on Tuesday after market close [1] - The financial and energy sectors will be active throughout the week, particularly on Monday, Tuesday, and Wednesday [1] - Palantir Technologies Inc. will report after market close on Monday, while AstraZeneca PLC and ConocoPhillips will lead pre-market on Thursday [1] - A significant cloud computing report is scheduled for next Monday after market close [1]

Core Viewpoint - Retail investors are gearing up for a busy earnings week with over 1,600 companies set to report their results, highlighting significant interest in tech and consumer sectors [1] Earnings Reports Overview - Palantir Technologies Inc. is expected to report Q3 earnings of 17 cents per share and revenue of $1.09 billion, reflecting nearly 50% and 70% year-over-year growth respectively [2][3] - Advanced Micro Devices and Super Micro Computer are also in focus for their earnings reports after Tuesday's closing bell [3] - McDonald's Corp. is anticipated to report earnings of $3.33 per share and revenue of $7.09 billion, with investors looking for insights on sales growth and consumer spending trends [8] - Robinhood Markets, Inc. is expected to report Q3 earnings of 51 cents per share and revenue of $1.19 billion, indicating year-over-year growth of 200% and 90% driven by trading and crypto activity [9] - Moderna, Inc. and Novavax, Inc. are set to report earnings on Thursday morning, while Opendoor Technologies Inc. will report after the closing bell [10] - Major energy companies Constellation Energy Corp. and Duke Energy Corp. are scheduled to report on Friday morning [15] Company Highlights - CIFR stock is noted for its significant price movement, attracting attention from investors [1] - Companies like FuboTV, BioCryst Pharmaceuticals, and Cipher Mining are among those reporting earnings, indicating a diverse range of sectors being monitored [5][6] - The earnings season is expected to reflect strong momentum in AI platform demand, particularly for companies like Palantir [3]

Market Overview - US stock futures increased on Monday morning, indicating a continuation of the strong momentum from October, with S&P 500 futures rising 0.3%, Nasdaq 100 futures jumping 0.6%, and Dow Jones Industrial Average futures adding about 0.1% [1] - October was a strong month for stocks, with the S&P 500 rising 2.3%, the Dow gaining 2.5%, and the Nasdaq Composite climbing 4.7%, driven by investor interest in growth and AI-linked companies, particularly Big Tech and the "Magnificent Seven" [2][19] - Optimism regarding easing US-China trade tensions contributed to market gains, although concerns remain in Washington due to a government shutdown delaying key economic reports [2][19] Earnings Reports - Earnings season is active, with about 300 S&P 500 companies having reported third-quarter results, and over 100 more reports expected this week from firms such as Palantir, Super Micro, and AMD [4][20] - Berkshire Hathaway's stock rose over 1% after reporting a 17% profit increase in its third-quarter results, attributed to a mild hurricane season and investment gains [6][10][20] Significant Corporate Developments - IREN stock surged 24% following the announcement of a $9.7 billion cloud services contract with Microsoft, which will utilize Nvidia's GB300 processors to enhance AI and data center infrastructure [8][20] - The GB300 processors will be installed in stages until 2026 at IREN's 750-megawatt campus in Texas, with Microsoft making a 20% prepayment [9][20] Leadership Changes - Warren Buffett will step down as CEO of Berkshire Hathaway in January, with Vice Chair Greg Abel set to take over, while Buffett remains as chairman [11][20] - Berkshire Hathaway's significant cash pile of $381.7 billion as of September is expected to remain intact despite recent investments [11][20] Market Reactions - Xiaomi shares rose over 3% following a lighthearted exchange between Chinese President Xi Jinping and South Korean President Lee Jae Myung, highlighting sensitive security issues in US-China relations [13][20] - Gold prices fell below $4000 per ounce after China removed a tax incentive for gold purchases, although prices are still up more than 50% this year due to demand from central banks and investors [15][16][20]

Core Viewpoint - The current bull market for AI semiconductor companies, including Advanced Micro Devices Inc (NASDAQ:AMD), is expected to last for several more years, potentially until 2030, driven by ongoing infrastructure cycles and the increasing demand for AI technologies [1][2]. Group 1: Market Dynamics - Infrastructure cycles, such as those seen with 3G, 4G, and now 5G, typically last a decade or more, indicating a long-term growth trajectory for AI semiconductors [2]. - The emergence of AI technologies, particularly since the launch of ChatGPT in late 2022, marks the beginning of a potentially decade-long cycle for AI infrastructure and semiconductor demand [2]. Group 2: Company Positioning - Advanced Micro Devices Inc (NASDAQ:AMD) is recognized as a leading AI semiconductor company that is well-positioned to capitalize on the ongoing bull cycle, alongside competitors like Nvidia and Broadcom [3]. - AMD is seen as a necessary second supplier in the AI chip market, complementing NVIDIA, with expectations of providing competitive and possibly superior chips for AI inference and training [4]. Group 3: Industry Insights - The demand for AI technologies is projected to reach nearly half a trillion dollars between calendar years 2025 and 2026, highlighting the significant market opportunity for semiconductor companies [3]. - The versatility of AI technology is expected to enhance productivity across various sectors, including industrial, healthcare, cybersecurity, defense, automation, and automotive, indicating a broad impact on the real economy [3].

Core Insights - The third quarter earnings season is currently active, with several AI companies reporting results, including Palantir, AMD, and Supermicro [1] - As of October 31, 64% of S&P 500 companies have reported earnings, with an expected 10.7% increase in earnings per share for Q3, marking the fourth consecutive quarter of double-digit growth, although a slowdown from the 12% growth in Q2 [2][3] Earnings Expectations - Analysts had slightly lower expectations prior to the quarter, forecasting a 7.9% increase in earnings per share for S&P 500 companies [3] - The earnings reports from AI beneficiaries such as Palantir, AMD, and Supermicro are anticipated this week, along with updates from other notable companies [4] Notable Companies Reporting - Other significant companies expected to report include Shopify, Uber, Pfizer, Spotify, Marriott International, Toyota, Novo Nordisk, McDonald's, AppLovin, Robinhood, DoorDash, Snap, AstraZeneca, ConocoPhillips, Airbnb, Warner Bros. Discovery, Block, Duke Energy, and Wendy's [5]

Core Viewpoint - Adeia Inc. has initiated patent infringement lawsuits against Advanced Micro Devices, Inc. (AMD) to protect its intellectual property rights related to semiconductor technologies [1][2]. Group 1: Legal Action - Adeia has filed lawsuits in the U.S. District Court for the Western District of Texas against AMD for allegedly infringing ten patents from its semiconductor IP portfolio [1][2]. - The patents in question include seven related to hybrid bonding technology and three concerning advanced process node technology [2]. Group 2: Company Position - The CEO of Adeia stated that the legal action is necessary to defend the company's intellectual property from AMD's unauthorized use, despite previous attempts to resolve the matter amicably [2][3]. - Adeia emphasizes its commitment to protecting its inventions and the interests of its shareholders and customers, while remaining open to a fair resolution [3]. Group 3: Intellectual Property Portfolio - Adeia has invested significantly in research and development over the past four decades, resulting in a substantial IP portfolio of over 13,000 patents worldwide [3]. - The company's IP is widely licensed across the media and semiconductor industries, contributing to the success of various connected devices [4].

Market Performance - The Nasdaq 100 Index experienced a "volatile upward" trend in October, with a cumulative increase of 4.77% and a total trading volume of approximately $57.071 billion[10] - The index's PE-TTM as of October 31, 2025, was 36.95, placing it at the 93.2% historical percentile since 2011, indicating a relatively high valuation level[15] - The risk level of the Nasdaq 100 Index was recorded at 92.57, suggesting a heated market sentiment, while the short-term volatility risk remains significant[18] Macro and Policy Factors - The U.S. government shutdown created a data vacuum, exacerbating market volatility and uncertainty, while lower-than-expected CPI data raised interest rate cut expectations[20] - Trump's threat to impose additional tariffs on Chinese goods negatively impacted market sentiment, leading to a 3.56% drop in the index on October 10[30] - The Federal Reserve's rate cut on October 29 was accompanied by hawkish signals, which dampened growth stock sentiment despite the cut being anticipated[31] Industry Dynamics - Major tech companies reported mixed earnings, with Nvidia's market cap surpassing $5 trillion, while concerns over capital expenditures affected stocks like Meta and Microsoft[36] - Tesla's Q3 earnings exceeded expectations, but its AI valuation remains contingent on the successful commercialization of new services like Robotaxi[38] - Amazon's AWS revenue grew to $33 billion, marking the largest increase since 2022, driven by strong AI demand[45] Future Outlook - The Nasdaq 100 Index is expected to continue a volatile upward trend in November, influenced by macroeconomic conditions and policy expectations[46] - Key events to watch include the U.S. Supreme Court's ruling on tariff legality and upcoming earnings reports from major tech firms like AMD[50] - The market's focus will shift towards the efficiency of AI investments and the potential for earnings growth amid economic uncertainties[53]

Core Insights - The AGIX index aims to capture the beta and alphas of the AGI era, which is expected to be a significant technological paradigm shift over the next 20 years, similar to the impact of the internet [2] - The article discusses the importance of AI infrastructure and the bottlenecks in the AI industry, particularly focusing on power supply, data center space, and memory limitations [10][11][12] Market Performance - AGIX has shown a weekly performance of 2.65%, a year-to-date return of 38.71%, and a return of 91.06% since 2024 [5] - The S&P 500, QQQ, and Dow Jones have lower year-to-date returns compared to AGIX, indicating a strong performance in the AGI sector [5] Sector Performance - The semi & hardware sector has a weekly performance of 1.16% with an index weight of 25.57%, while the infrastructure sector performed at 1.88% with a weight of 40.72% [6] - The application sector, however, saw a decline of -0.38% with a weight of 28.65%, indicating challenges in that area [6] AI Infrastructure and Bottlenecks - The focus on memory bottlenecks has intensified as high bandwidth memory (HBM) becomes a critical limitation for model training and inference efficiency [11] - Companies like Sandisk and Seagate are attempting to address these bottlenecks through innovative storage solutions [11] - The collaboration between NVIDIA and Nokia aims to enhance edge AI capabilities and improve communication infrastructure for AI applications [12] AI Industry Developments - Amazon plans to cut approximately 30,000 corporate jobs as it accelerates the deployment of AI technologies, reflecting a strategic organizational adjustment [17] - Microsoft faces legal challenges in Australia regarding its pricing strategies for Microsoft 365 Copilot, highlighting regulatory scrutiny in the AI sector [18] - Both Apple and Microsoft have reached a market capitalization of $4 trillion, showcasing the strong valuation driven by the AI wave [19] AI Education and Innovation - Super Teacher, an education technology startup, is democratizing AI tutoring for elementary school students, emphasizing the role of AI as a tool for teachers [20] - NVIDIA's GTC conference highlighted its leadership in AI infrastructure, with a focus on practical deployment and collaboration with major industry players [21] AMD's Strategic Shift - AMD is advancing its software-defined AI factory strategy, aiming to redefine data center architecture through its ROCm software stack [22][23]