Core Insights - Major tech earnings are driving stock market gains, particularly in the NASDAQ, with significant contributions from companies like Amazon and Coinbase [1][3] - Apple reported strong quarterly results but saw a slight dip in stock price due to concerns over gross margin guidance and increased operating expenses related to AI investments [1][2] - Disney and YouTube TV are in a dispute over carriage fees, leading to the removal of Disney channels from YouTube TV, affecting subscribers' access to major sports events [2][3] - Chevron and Exxon reported strong earnings, with Chevron achieving record production and Exxon focusing on acquisitions despite free cash flow pressures [3][5] - Coinbase is expanding its institutional business, reporting a 37% increase in consumer trading volume and significant growth in institutional trading revenues [3][4] Company Summaries Apple - Apple expects record iPhone sales in Q4 but faces stock price pressure due to lower gross margin guidance and increased operating expenses for AI investments [1][2] - The company is experiencing supply constraints, which may limit growth potential in the upcoming quarters [2] Disney - Disney has pulled its content from YouTube TV after failing to reach a new carriage agreement, impacting access to channels like ABC and ESPN for subscribers [2][3] - The dispute centers around Disney's demand for higher carriage fees, which YouTube TV deems unreasonable [2] Chevron - Chevron reported strong earnings and record production, boosted by its acquisition of Hess, which increased production by 21% [3][5] - The company is focusing on cost-cutting measures while continuing to acquire top-tier resources at lower prices [5] Exxon - Exxon's earnings exceeded expectations, but acquisitions in Q3 pressured free cash flow [3][5] - The company is expected to continue making acquisitions to capitalize on low oil prices and prepare for future demand increases [5] Coinbase - Coinbase reported a 37% increase in consumer trading volume, reaching $59 billion, and highlighted significant growth in its institutional trading revenues [3][4] - The acquisition of Deribit is enhancing Coinbase's offerings for institutional investors, with a focus on derivatives trading [4] Western Digital - Western Digital reported better-than-expected quarterly earnings, driven by increased demand for hard disk drives from cloud computing and AI [6] - The company has secured purchase orders from its top customers through at least the first half of next year, indicating strong ongoing demand [6] ServiceNow - ServiceNow exceeded revenue expectations, with a 22% year-over-year increase, driven by strong demand for its AI-integrated products [6][7] - The company is experiencing significant growth in its federal business, which grew over 30% year-over-year despite uncertainties related to government spending [7]

Core Viewpoint - Trump Media & Technology Group Corp. (NASDAQ:DJT) shares experienced a slight increase following allegations that federal investigators accessed its banking information without consent [1]. Group 1: Legal and Regulatory Issues - Trump Media's chief Devin Nunes stated that the company discovered a subpoena for financial records from JPMorgan Chase issued by Special Counsel Jack Smith's team, which he claims exceeds the investigation's scope and targets a private business with numerous shareholders [2]. - Nunes labeled the subpoena as an "abuse of power," revealing that the company learned about it through the Senate Judiciary Committee and accused Smith's office of surveilling over 400 Trump-connected individuals or entities [3]. - Nunes emphasized that Trump Media was not in existence during the events under investigation and is seeking clarification from the SEC and JPMorgan regarding their awareness of the subpoena and any potential disclosure of confidential information [3]. Group 2: Product Development and Expansion - Amid the ongoing controversy, Trump Media announced the launch of a new product called Truth Predict, which will be integrated into its Truth Social platform, allowing users to trade regulated prediction contracts related to elections, interest rates, commodities, and major sports [4]. - The platform will utilize Crypto.com Derivatives North America, a CFTC-regulated exchange and clearinghouse, for its operations [5]. - Initial testing of the Truth Predict feature will occur in the U.S., with plans for global access in the future, marking Truth Social as the first major platform to incorporate a prediction market regulated under U.S. rules [6].

Group 1: Market Sentiment and Performance - Nasdaq futures rose sharply by 1.4% in early trading, driven by positive earnings results from major tech companies [2] - Amazon (AMZN) saw a 12% increase in premarket trading after exceeding Q3 estimates for net sales, profit, and subscription revenues, with its Amazon Web Services unit reporting a 20% rise in quarterly revenue [4] - Apple (AAPL) experienced a 2% increase following better-than-expected FQ4 results, despite iPhone revenue falling short of estimates at $49.0 billion compared to the expected $50.3 billion [5] Group 2: Company-Specific Developments - Amazon's strong performance was highlighted by significant growth in its subscription revenues and overall sales, indicating robust demand [4] - Apple CEO Tim Cook projected a 10%-12% revenue increase for FQ1, with expectations for iPhone sales to return to double-digit growth and a rebound in Greater China sales [5] - Apple plans to enhance its Siri with AI capabilities next year, indicating a strategic focus on AI integration [5] Group 3: Industry Disruptions - Disney (DIS) channels, including ESPN and ABC, went dark on YouTube TV due to failed contract negotiations with Google, affecting approximately 10 million subscribers [6][9] - The blackout resulted in the loss of access to recorded Disney content and major live sports broadcasts, raising concerns as the holiday season approaches [8][9] - Google stated it would not agree to terms that disadvantage its members while benefiting Disney's own live TV products, highlighting ongoing tensions in media carriage negotiations [7]

Core Viewpoint - Fox Corporation is experiencing strong financial performance and positive market sentiment, supported by Goldman Sachs' reaffirmation of a "Buy" rating and an increased price target for its stock [1][6]. Financial Performance - Fox Corp achieved a record-breaking first quarter in advertising revenue, reaching $1.4 billion, which represents a 6% increase from the previous year [2][6]. - Total quarterly revenues amounted to $3.74 billion, demonstrating robust financial health despite the absence of political ads [2]. Strategic Positioning - CEO Lachlan Murdoch attributes the company's success to strong performance across various segments, including news, sports, entertainment, and Tubi, which enhances engagement and distinguishes Fox from competitors [3]. - The strategic positioning of Fox's brands within the media ecosystem has likely contributed to the stock's positive performance [3]. Stock Performance - The stock price of FOXA is currently $65.51, reflecting a 7.73% increase or $4.70, with fluctuations between a low of $62 and a high of $66.56 on the day [4][6]. - Over the past year, FOXA has seen significant growth, with a low of $41.78 [4]. Market Capitalization and Investor Interest - Fox Corp has a market capitalization of approximately $29.19 billion, indicating its strong presence in the media industry [5]. - Today's trading volume for FOXA is 6.26 million shares, showcasing strong investor interest [5].

Core Viewpoint - Fox Corporation is experiencing significant growth in advertising revenue and overall financial performance, positioning itself favorably in the competitive media landscape [2][3][6] Financial Performance - Fox achieved a record-breaking $1.4 billion in advertising revenue for the first quarter, marking a 6% increase from the previous year [2][6] - Total quarterly revenues reached $3.74 billion, driven by strong performance across news, sports, entertainment, and the streaming service Tubi [3] Stock Performance - The stock price of FOX has increased by 8.24%, translating to a rise of $4.48, with current trading prices fluctuating between $56 and $59.99 [4][6] - The market capitalization of Fox Corporation is approximately $26.77 billion, reflecting investor confidence in the company's growth potential [5][6] Analyst Outlook - An analyst from UBS set a price target of $75 for FOX, indicating a potential increase of about 27.49% from its current price of $58.83 [2][6] - Positive trends in engagement across Fox's portfolio further support the bullish outlook from analysts [5]

Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC 30 October 2025 | 8:02AM EDT Economics Research GLOBAL ECONOMICS ANALYST AI Adoption Through the Eyes of GS Investment Bankers Joseph Briggs +1(212)902-2163 | joseph.briggs@gs.com Goldman Sachs & Co. LLC Sarah Dong +1(212)357-9741 | sarah.dong@gs.com Goldman Sachs & Co. LLC Megan Peters +44(20)7051-2058 | megan.l.peters@gs.com Goldman Sachs International Investors should consider this report as only a single factor in making their inve ...

Market Overview - Major indices are experiencing declines, with the Dow down about 20 points, S&P 500 down approximately 0.7%, and Nasdaq down about 1.4% [1][2][3] - The 10-year Treasury yield has increased to 4.09% following the Fed's recent rate cut, impacting broader market sentiment [4][5] - Bitcoin has dropped over 3.5%, trading around $107,000 per token, while Ether is down more than 5% at approximately $3,700 [5][9] Tech Earnings Insights - Mixed results from major tech companies, with Nvidia down over 2%, Microsoft down more than 3%, and Meta down 11% after their earnings reports [6][7] - Alphabet has seen a nearly 50% increase year-to-date, indicating positive investor sentiment towards its AI investments [8] - Apple is expected to report iPhone sales of $49.3 billion, up 6.7% year-over-year, with a focus on iPhone 17 sales, which are reportedly up 14% year-over-year in the US and China [11][12] Amazon's Performance - Amazon's Q3 earnings report shows EPS of $1.95, beating expectations, and net sales of $180.17 billion, also above consensus [67][68] - AWS revenue is projected at $3.2 billion, up 18%, indicating a recovery in its cloud computing business [17][68] - The company is launching its tranium chip business, which is now a $1 billion annual business, and has initiated a significant data center project [90][91] Consumer Sentiment and Economic Outlook - Concerns are rising regarding consumer spending, particularly among lower-income groups, as seen in Chipotle's recent earnings report [25][27] - The Fed's recent rate cut has led to speculation about future cuts, with mixed signals from Fed Chair Jerome Powell regarding the December meeting [30][32] - Analysts suggest that while the economy shows signs of growth, inflation remains a concern, impacting consumer behavior and spending patterns [82][84] Investment Strategies - Analysts recommend looking beyond the "magnificent seven" tech stocks for investment opportunities, suggesting that many other companies are growing at comparable rates [73][74] - There is a growing interest in sectors outside of big tech, particularly in small-cap stocks that may offer better valuations [23][24] - The ongoing AI boom is prompting significant capital investment, but concerns about over-speculation in the market are also being raised [19][78]

Core Insights - Comcast Corporation reported better-than-expected third-quarter earnings with adjusted earnings per share of $1.12, exceeding analyst expectations by $0.02 [1] - Revenue declined 2.7% year-over-year to $31.2 billion but surpassed the consensus estimate of $30.7 billion [1] - Adjusted EBITDA decreased by 0.7% to $9.7 billion [1] Revenue Breakdown - The revenue decline was attributed to tough comparisons with last year's results, which included contributions from the Paris Olympics [2] - The wireless business added a record 414,000 lines, growing domestic wireless revenue by 14% to $1.25 billion, partially offsetting broadband customer losses of 104,000 [2] Segment Performance - Theme Parks revenue surged 18.7% to $2.7 billion following the successful May opening of Epic Universe in Orlando [3] - The Studios division reported a 6.1% revenue increase to $3 billion, driven by the blockbuster performance of Jurassic World Rebirth, which generated nearly $900 million globally [3] - Business Services continued to perform well, with connectivity revenue up 6.2% to $2.6 billion and EBITDA rising 4.5% to $1.5 billion [3]

Core Insights - Liberty Global plc reported an EPS of -$0.39, which was better than the estimated EPS of -$0.42, but revenue of $1.21 billion fell short of the anticipated $1.23 billion [1][6] Financial Metrics - The company has a P/E ratio of -1.15 and an earnings yield of -0.87%, indicating negative earnings and a lack of profit generation from operations [2][6] - The price-to-sales ratio stands at 1.28, suggesting that investors are willing to pay $1.28 for every dollar of sales, reflecting some confidence in the company's revenue potential [2][6] - Liberty Global's enterprise value to sales ratio is 4.22, and the enterprise value to operating cash flow ratio is 8.23, indicating a substantial valuation compared to its cash flow [3] - The debt-to-equity ratio is 0.81, suggesting a moderate and manageable level of debt relative to equity [3][6] Liquidity Position - The current ratio of 1.02 indicates that Liberty Global has slightly more current assets than liabilities, suggesting a stable liquidity position to meet short-term obligations [4] Leadership Change - Dr. John C. Malone is stepping down as Chairman to become Chairman Emeritus, effective January 1, 2026, marking a significant leadership transition for the company [5]

Core Insights - Comcast reported third-quarter 2025 adjusted earnings of $1.12 per share, beating the Zacks Consensus Estimate by 1.82% and remaining flat year over year [1][8] - Consolidated revenues decreased 2.7% year over year to $31.2 billion, surpassing Zacks Consensus Estimates by 1.85% [1][8] Revenue Breakdown - Connectivity & Platforms revenues, accounting for 64.7% of total revenues, decreased 0.6% year over year to $20.18 billion [2] - Residential Connectivity & Platforms revenues fell 1.5% year over year to $17.6 billion, while Business Services Connectivity revenues rose 6.2% to $2.58 billion [2] - Total Customer Relationships for Connectivity & Platforms decreased by 210,000 to 50.9 million, with domestic broadband customer net losses of 104,000 and video customer net losses of 257,000 [2] - Content & Experiences revenues decreased 6.8% year over year to $11.74 billion, impacted by the prior year's Olympic-related revenue [2] - Media revenues decreased 19.9% year over year to $6.59 billion, but increased 4.2% excluding the Paris Olympics [3] Subscriber and Revenue Performance - Peacock paid subscribers remained steady at 41 million, with revenues reaching $1.4 billion and EBITDA losses improving by $219 million year over year [4] - Studios revenues rose 6.1% year over year to $3 billion, driven by higher content licensing and theatrical revenues [5] - Theme Parks revenues increased 18.7% year over year to $2.72 billion, attributed to the successful opening of Epic Universe [6] Operating Costs and EBITDA - Total costs and expenses declined 2.1% year over year to $25.67 billion, with programming and production costs decreasing 15.1% to $8.66 billion [7] - Adjusted EBITDA decreased 0.7% year over year to $9.67 billion, with Connectivity & Platforms adjusted EBITDA declining 3.5% to $8.01 billion [9] - Content & Experiences adjusted EBITDA increased 8.4% to $1.95 billion, while Media adjusted EBITDA rose 28% to $832 million [10] Cash Flow and Liquidity - As of September 30, 2025, cash and cash equivalents totaled $9.33 billion, down from $9.69 billion as of June 30, 2025 [11] - Consolidated total debt decreased to $99.1 billion from $101.5 billion [11] - Free cash flow increased to $4.95 billion from $4.5 billion in the previous quarter [11] - Comcast generated $8.69 billion in cash from operations, up from $7.82 billion in the previous quarter [12]