Alcoa reports Q3 earnings, revenues miss estimates

Alcoa's Financial Performance - Alcoa reported a slightly smaller than expected adjusted loss and a miss on revenue [1] - Adjusted EBITDA was down 14% versus last quarter [1] Factors Impacting Alcoa's Performance - Increased tariff costs and unfavorable currency impacts are playing a factor [1] - Tariff costs on higher US imports of aluminum from Canada are expected to increase by approximately $50 million sequentially [2] - Trade policy is also impacting guidance [2] Alcoa's Future Prospects - Alcoa has a critical minerals play with gallium that could be in production as early as 2026 [7] - The critical minerals play could be a higher margin business with some pricing power [7] IBM's Performance and AI - IBM met expectations, but people were hoping for more than a meet [4] - Gen AI has been accelerating, but that's still a small part of IBM's business [5] - AI is an important part of the story for many tech names, and if it is not strong or accelerating, it's a problem for the stock [6]