Bitcoin ticks higher after falling below $100K, AMD stock falls despite earnings beat

Group 1: Stock Market Overview - US stocks are experiencing a rebound after a significant tech sell-off that resulted in a loss of approximately $500 billion in market value from chip stocks [1][5] - Futures are slightly higher, indicating a modest opening in the green across major indexes [5][37] - The tech sector, particularly chip stocks, has faced pressure following earnings reports, leading to cautious investor sentiment regarding valuations [1][5] Group 2: AMD Performance - AMD reported strong third-quarter earnings, beating estimates across various revenue segments including data center, client, and gaming [3][7] - Despite the positive results, AMD's stock fell as Wall Street had high expectations that were not fully met [7][8] - The company raised its revenue guidance for Q4, but investors were anticipating immediate revenue impacts from recent deals with OpenAI and Oracle, which will not be reflected until later [9] Group 3: Bitcoin Market Dynamics - Bitcoin has dropped below $100,000 for the first time since June, down over 20% from its record high reached a month ago [2][22] - Analysts attribute the decline to "whale selling," with long-term holders selling approximately 400,000 Bitcoin in the past month [23][24] - The market is experiencing volatility, and there are concerns about whether it has reached a capitulation point or if further declines are possible [25][27] Group 4: Consumer Sector Insights - McDonald's reported strong sales growth, driven by the successful reintroduction of the snack wrap, with same-store sales increasing for the second consecutive quarter [14][15] - The consumer landscape is showing a K-shaped recovery, with lower-income consumers facing challenges while higher-income consumers remain resilient [16][17] - Cava's same-store sales growth has slowed, and the company has lowered its guidance for the year, indicating pressure on younger consumers [19][20] Group 5: Company-Specific Updates - Novo Nordisk is cutting growth expectations for its obesity and diabetes treatments due to intensified competition, marking the fourth forecast reduction this year [33] - IBM plans to cut thousands of jobs as it shifts focus to higher growth software and services, despite positive investor sentiment towards its software business [34] - Pinterest shares have declined following a weaker-than-expected revenue outlook, raising concerns about its advertising business growth [35]