Amazon and Intel Spook Nasdaq, Chevron Cashes In

Nasdaq futures slip on AI spending worries while oil and refiners have the floor.  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

October 30, 2026   |   Read online 🌅 Pre-Market Pulse S&P Futures 7,671.75 ▼ -8.50 (-0.11%) Nasdaq Futures 28,845.50 ▼ -101.50 (-0.35%) Dow Futures 52,542.00 ▲ +131.00 (+0.25%) 10Y Treasury 4.99% ▼ -0.06% US Dollar 101.64 ▼ -0.12 (-0.12%) Bitcoin $77,575 ▼ -$213 (-0.27%) Data as of 7:06 AM ET Good morning! Happy Friday. Futures are split this morning: the Dow is up, while the Nasdaq slips after Amazon and Intel revived the question nobody in tech wants to hear, which is how much all this AI spending will actually earn. Grab your coffee, because this is what matters before the bell. 👀 What to Watch Today Big Tech earnings set the tone today. Nasdaq futures are down 0.35% as results from Amazon (AMZN) and Intel (INTC) add to worries about AI spending. The concern is less about whether these companies can spend and more about how long investors will wait for the payoff. Expect that debate to hang over chip and cloud names all session. Inflation also matters. New data shows a key measure of price pressures jumped, which challenges Fed Chair Kevin Warsh's view that the economy can grow fast without overheating. If traders decide the Fed has less room than it thinks, rate-sensitive growth stocks could stay under pressure. Energy is the third storyline. Chevron (CVX) beat estimates, and analysts now see Brent averaging above $90 in 2026, so oil names could pull in fresh money while tech cools off. Last time I saw this, I recommended Amazon [ad] 🌏 Overnight Recap Treasury yields fell to multiweek lows in Asia after a busy week of central bank decisions. The 10-year is at 4.99%, down 6 basis points, and the 5-year dropped 7 basis points to 4.80%. The dollar index slipped to 101.64, and Bitcoin eased 0.27% to $77,575. Europe offered mixed signals. An ECB survey sees inflation rising in the coming quarters, and TTF natural gas climbed back above 100 euros per megawatt-hour on Middle East tensions and colder weather. That combination is uncomfortable for European policymakers. On the deal front, UniCredit pledged financing for German companies as part of its tie-up with Commerzbank (CRZBY), which looks like an effort to win over Berlin. Tesco (TSCDY) agreed to sell its Czech and Slovak businesses to Ahold Delhaize (ADRNY) for about $1.9 billion. The Ultimate Passive Income Investment [ad] Sponsored Content My public warning after 55 years of watching the markets A $3 trillion problem is staring at the markets right now. Not just a stock crash. Not only a bank failure. A chain reaction that could freeze global financial markets. Dr. Martin Weiss has publicly called six major American crashes before they happened. After 55 years, he calls this the most important warning of his career. And he knows exactly where it starts. See the most important warning of his career 📊 Pre-Market Movers Amazon (AMZN) and Intel (INTC) are the main drags on Nasdaq futures this morning, as their results feed fears that AI capital spending is getting ahead of returns. Other megacaps with big AI budgets could be pulled down with them. Chevron (CVX) beat earnings estimates as refining profits surged on higher diesel prices, which climbed after Ukraine and Iran hit refineries in Russia and the Middle East. The catch is that Chevron expects downtime and turnarounds to cut fourth-quarter upstream output by 175,000 to 225,000 barrels of oil equivalent per day. Watch whether traders focus on the beat or the softer guidance. In Europe, Tesco (TSCDY), Ahold Delhaize (ADRNY), and Commerzbank (CRZBY) are in focus after their deal news. Could This Stock Be “Trump’s Next Big Buy”? [ad] 🔍 Today's Watchlist AMZN and INTC: see whether AI spending fears stay with these two or spread across megacap tech after the open. Inflation reaction: the hotter price data tests the Warsh Fed's not-too-hot view, so watch how rate-cut bets shift. Refiners and energy: surging diesel margins lifted CVX, and other refiners could get the same boost. 10-year yield near 5%: a sustained move below that level would help valuations even with inflation concerns around. Brent and European gas: forecasts above $90 and TTF above 100 euros keep energy-driven inflation a live risk. Sponsored Content Trump Goes "All-In" on Grand Canyon Energy Breakthrough On July 4th, Washington killed the credits for solar, wind and EVs. One energy source got eight years of credits instead, right alongside oil and nuclear. A crew near the Grand Canyon hit a well with almost 8X the output of Saudi Arabia's biggest. Google's in. Gates is in. On November 17th, the feds auction 83 new parcels. And one company owns the entire chain. Get the Grand Canyon ticker before November 17th 🎯 The Morning Playbook Today's market is split. Money appears to be moving out of AI-heavy tech and into energy and value names, which explains why Dow futures are up while the Nasdaq is down. Don't chase the first move. Wait to see if dip buyers show up for megacaps after the first hour. Watch the 10-year near 5%. Lower yields would normally help tech, so if growth stocks keep falling anyway, the AI spending worry is the bigger force right now. One more thing to keep in mind: AI spending fears come and go, but this one is a reminder that markets eventually expect big investments to pay off. Have a great Friday. A Weird 9:30 Setup That Actually Works [ad] 🔍 Hand-Picked for You No. 1 stock to cash in on the death of iPhone (Ad) The analyst who warned Congress about smartphones before the iPhone existed says Elon Musk is about to destroy Apple's grip on a $3 trillion industry. He calls it "Starphone." FCC rulings, two major trademarks filed the same day, spectrum deals, chip partnerships. They all point to one stock. One sm... Get the No.1 stock ticker now Power Bill Revolt Could Hit the Ballot Box Nov. 3: 'Dark Energy' Stocks Set to Soar (Ad) Power bills have doubled and even tripled across America, and furious voters are about to send a clear message on November 3: get AI off the grid. The only way to get AI off the power grid… without losing to China and crashing the economy… is a criticaltech now being deployed by Elon Musk. One exper... Click here to see the small group of stocks set to soar as a mass power bill revolt hits on November 3. Elon’s Warning About Money — Ignore At Your Own Risk (Ad) The richest man on Earth said the quiet part out loud. Elon Musk has called the U.S. dollar — in a single word — “hopeless.” But he wasn’t just venting. He was offering a clue to his latest and greatest innovation yet. Now, with the blessing of President Trump and the U.S. Treasury, it’s finally “li... Go here for the full story. Your Phone Is Smarter Than Your Inbox Not every market move can wait. 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DoorDash prepares for big competitors

The planned acquisition of Instacart may help fend off inroads from Amazon and Walmart ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Here’s your wrap of the latest must-read tech news. For more expansive and analytical coverage from around the globe, get the Tech In Depth newsletter. Top Stories Microsoft bond deal: The software company drew $115 billion in demand for its $25 billion bond offering. It’s a test of the market’s appetite for financing AI. Huang responds: Nvidia Chief Executive Officer Jensen Huang said his dealings with Megaspeed International were “normal and not unusual” after the New York Times reported an official of the Singapore company is under investigation for spying on behalf of China. Megaspeed is the largest Southeast Asian buyer of Nvidia’s chips. Amazon rocked: The e-commerce giant disappointed investors despite an earnings report that showed cloud sales growth increased for a sixth consecutive quarter. The main online business struggled. Must Reads Google Erases a Record $500 Billion as AI Eats Into Sales Alphabet Inc.’s shares fell more than 13%, erasing more than $500 billion in its biggest-ever market plunge, after the company reported disappointing search and advertising sales that reinforced investor concerns about AI’s threat to its core business. Intel Plunges After PC Slump and Supply Snags Hurt Outlook Intel Corp. plunged in late trading after its revenue forecast missed analysts’ estimates, hurt by sputtering demand for PC processors and supply-chain problems with its lucrative data center components. Nscale’s Unproven CEO Braves AI Turmoil in Bid for $30 Billion IPO Sheryl Sandberg says the 32-year-old executive reminds her of Mark Zuckerberg. Josh Payne must now take his startup public at a tumultuous moment for the AI industry.  Market Snapshot NVIDIA Corp $213.66 -0.8% Microsoft Corp $530.14 -0.2% Amazon.com Inc $243.79 -4.2% Market data as of 08:19 PM ET. Data is subject to provider delays. Your watchlist Beyond The Brief DoorDash’s proposed $17 billion acquisition of Instacart will give it a relationship with more food stores and new consumers in the fast-growing market of grocery delivery, Natalie Lung reports in today’s Tech In Depth. But the true value of the deal, she writes, is bolstering DoorDash’s defenses to fend off the similar grocery ambitions of Amazon and Walmart, two retail giants. Get the Tech In Depth newsletter for analysis and scoops about the business of technology from Bloomberg’s journalists around the world. This Week In Soundbite The podcast industry thrust itself into the 2024 presidential election in a big way, creating expectations for a similarly important role in the congressional midterm elections coming next week, Ashley Carman reports in this week’s Soundbite. While the Trump Republican White House has kept its interest in speaking with podcast hosts, and Democratic candidates also have upped their podcast appearance, the midterms haven’t yielded many signature moments or major interviews, she writes. Sign up for the Soundbite newsletter to get exclusive reporting on podcasting, the music industry and audio trends from Ashley Carman. Before You Go... AI Industry’s Gamble on Trump Crashes Into New Political Reality The alliance between Silicon Valley and the White House is at risk of unraveling in the face of rising AI backlash Read more We’re improving your newsletter experience and we’d love your feedback. If something looks off, help us fine-tune your experience by reporting it here. Follow Us You received this message because you are subscribed to Bloomberg’s Tech In Brief newsletter. If a friend forwarded you this message, sign up here to get it in your inbox. Unsubscribe Bloomberg.com Contact Us Bloomberg L.P. 731 Lexington Avenue New York, NY 10022 |

A world rewired

What a Deeper EU-Canada Partnership Means ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here. If Donald Trump’s disdain for US partners is going to rewire global alliances, today’s Canada-EU summit in Montreal is perhaps the clearest example of what it might look like. Prime Minister Mark Carney has made this his flagship effort in lessening Canada’s overwhelming reliance on the US, with the goal of developing a far deeper relationship with Europe on defense, critical minerals, advanced manufacturing and more.  The recent controversy over Starlink’s throttling in Ukraine has only added urgency for both European and Canadian leaders to ensure they have alternatives to American technology. EU-Canada summit signage in Montreal yesterday. Photographer: Nasuna Stuart-Ulin/Bloomberg Still, the summit has made it obvious that the two sides are very much at the beginning of this process, not the end. For one thing, they can’t agree on what to call this budding new partnership. EU chief Ursula von der Leyen is using the phrase “associate membership,” despite dissent from the bloc’s member states concerned about setting precedents for other countries. “The name doesn’t matter,” Carney told reporters in response. Yet it’s a sign of how internal politics will make it difficult to formalize the pact, whatever form it takes.  Canada itself isn’t immune: The newly elected leader of Quebec — who helms a separatist party — has protested that he doesn’t have his own seat at the table, and refused to attend. Von der Leyen and Carney at the European Parliament in Strasbourg, France, on Sept. 17. Photographer: Jean-Christophe Verhaegen/AFP/Getty Images The summit is taking place less than an hour’s drive from the US border, a reminder that Canada can’t escape its geography.  Despite many prior attempts and a recent resumption of talks, Carney has so far been unable to strike a trade deal with Trump.  The Montreal meeting’s timing on the eve of the US midterm elections is unlikely to endear the Canadian leader any further to the president.  Even as Carney works to build a new alliance across the Atlantic, he has to make sure he isn’t provoking too much backlash from his southern neighbor. — Brian Platt Global Must Reads Trump canceled appearances in Kansas and Iowa for the closing days of the midterm campaign and will instead hold “a large number of tele-rallies,” the Republican National Committee announced. The president has been canvassing support nonstop chiefly in states where Republicans are usually assured of victory but this year face robust challenges from Democratic candidates who’ve taken advantage of voter discontent over rising costs and the Iran war. Trump departs the White House yesterday. Photographer: Samuel Corum/Sipa/Bloomberg Israeli Prime Minister Benjamin Netanyahu and his allies secured 53 seats in this week’s general election, ahead of the main opposition bloc’s 48 but short of a majority. Two Arab parties are set to occupy 19 of the 120 seats in parliament, nearly doubling their representation, and while they oppose Netanyahu it’s unclear if his main challenger Gadi Eisenkot will agree to cooperate with them to form a government. Christine Lagarde will leave the European Central Bank in February with one victory notched up over inflation, camaraderie restored among policymakers and the euro on track to join the digital age. But her presidency has featured stumbles too, and her drawn-out exit to speak out on political matters has irked colleagues. Euro-area leaders will meet Nov. 26-27 to discuss her replacement. The Chinese Communist Party appointed Zhang Shengmin, the vice chairman of the Central Military Commission, to its powerful Politburo and announced plans to hold a congress next year, where it’s set to unveil new leadership. The rare promotion reflects the pivotal role Zhang played in President Xi Jinping’s drive to root out corruption in the military. Thousands of young Indians have repeatedly turned out to protest perceived unfairness in national exams and elections in recent months, posing one of the biggest challenges yet to Prime Minister Narendra Modi. He has used mass detentions to try and stop the latest wave of demonstrations before they get a chance to gain momentum, as opposition groups expect tens of thousands to hit the streets again on Sunday. Students protest in Bengaluru, India, on Oct. 10. Photographer: Abhishek Chinnappa/Getty Images A phone call with Vladimir Putin has put two unlikely leaders at the center of global diplomacy, but it’s no accident that Ukraine wanted Finnish President Alexander Stubb and Norwegian Prime Minister Jonas Gahr Støre on the line with the Russian leader. Novaya Gazeta, the Russian newspaper formerly led by Nobel Peace Prize laureate Dmitry Muratov, announced it’s shutting down after more than three decades, blaming persecution by the Kremlin and security services. Hungarian Prime Minister Péter Magyar and a top French official rejected the idea of former strongman Viktor Orbán being chosen as the next head of the United Nations. Japan is facing an intense wave of artificial intelligence-powered cyberattacks that’s laid bare the vulnerability of one of the world’s largest economies to a new breed of hacking. Photographer: Angela Weiss / AFP/ Getty Images Don’t miss from Bloomberg Weekend: Mishal Husain speaks with Nobel-winning economist Daron Acemoglu on liberal democracy and how the center-left needs to adapt. Flavia Krause-Jackson and Brian Platt examine the blossoming ties between the EU and Canada, Michelle Jamrisko writes about Iran’s long game, while Todd Woody describes his first-hand experience of climate change. Subscribe to the newsletter here. Sign up for the Washington Edition newsletter for news from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television. Chart of the Day This week’s earnings reports and ensuing selloffs expose the tensions that are escalating over Big Tech’s transition to new AI-powered products and the spending required to get there. The core businesses of America’s technology giants — the advertising, consumer and retail machines propping up a collective $750 billion in AI spending this year — are starting to show signs of slowing. And in some cases, they’re being cannibalized by the very technology the firms are betting the house on. And Finally Johannesburg, South Africa’s biggest and richest city, is caught in a cycle of urban decline after years of mismanagement and underinvestment in basic services. Potholed roads hinder travel, power cuts disrupt work and education, and public safety has deteriorated. But for many residents, the latest crisis of a lack of water has become the most pressing issue as the nation readies for next week’s municipal election. Residents collect water from a groundwater source in Kensington, Johannesburg. Photographer: Leon Sadiki/Bloomberg Pop Quiz (no cheating!) Which Chinese leader was French football star Kylian Mbappé accused of insulting? Send your answers to balancepower@bloomberg.net More from Bloomberg Check out our Bloomberg Investigates film series about untold stories and unraveled mysteries Next China for dispatches from Beijing on where China stands now — and where it’s going next Next Africa, a daily newsletter on where the continent stands now — and where it’s headed Economics Daily for what the changing landscape means for policymakers, investors and you Green Daily for the latest in climate news, zero-emission tech and green finance Get Next Japan for an inside view of the forces reshaping Japan, and what’s next for its businesses, markets and consumers Explore more newsletters at Bloomberg.com We’re improving your newsletter experience and we’d love your feedback. If something looks off, help us by reporting it here. Follow Us You received this message because you are subscribed to Bloomberg’s Balance of Power newsletter. If a friend forwarded you this message, sign up here to get it in your inbox. 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