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KLA, Applied Materials and Lam Research $LRCX fell 39% to 45% from their June highs.
The S&P 500 ended Friday 2% below its high.
ALT Bar chart of declines from 2026 closing highs to the October 16 close for KLA, Applied Materials, Lam Research, the iShares Semiconductor ETF, ASML and SPY. KLA, Applied Materials and Lam Research are down 39% to 45% from their June highs
Oracle $ORCL, Adobe and IBM are all down more than 20% this year.
The S&P 500 is up 12%.
ALT Bar chart of 2026 price changes through October 16 for Oracle, Adobe, IBM, Salesforce, ServiceNow, Microsoft and SPY. Oracle, Adobe and IBM are down more than 20%
AMD and Intel have both more than doubled in 2026.
Nvidia $NVDA is up just 15%.
ALT Bar chart of 2026 price changes through October 16 for AMD, Intel, the iShares Semiconductor ETF, Nvidia and SPY. AMD and Intel have more than doubled while Nvidia is up 15%
The average stock is lagging the S&P 500 by a record margin.
The $RSP to $SPY ratio has hit a record low of 0.27, about 31% below its 2015 peak.
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The S&P 500 fell 20.5% on Black Monday, 39 years ago today.
A year later it was 23% above that close.
ALT Bar chart of S&P 500 peak-to-bottom declines and one-year returns after the 1929, 1987 and 2008 October crashes. The index was 23% above its October 19, 1987 Black Monday close a year later
Full breakdown
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Just 10 stocks added $4.93 trillion in market value this year.
That's nearly 60% of the combined gain of all S&P 500 stocks.
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Opening Bell Daily🔔 retweeted
AI agents like Grok Bot and Muse present a massive tailwind for cybersecurity stocks.
Every agent needs an identity, permissions and security, which should be bullish for $OKTA $PANW $CIBR
@_JoshSchafer explains the outlook.
The AI trade is narrowing but a top-heavy market doesn't mean investors should turn bearish.
I sat down with @_JoshSchafer to discuss how to position for worsening market breadth, the rise of consumer AI agents, and his top stock picks for the year ahead.
Josh is one of the best in the business and the insights in this conversation will surprise you.
TIMESTAMPS:
0:00 - Market breadth narrowing
2:49 - Why stocks ignore bond yields
4:22 - Meta Muse
6:00 - Fee AI products vs. monetization
11:16 - Would consumers pay for AI agents?
13:39 - AI regulation and existential risk
16:32 - AI token prices
19:08 - Trump's tech CEO seating chart
22:09 - Intel
23:32 - Cybersecurity
26:01 - Walmart
28:38 - Under-the-radar sports stock
31:37 - Searching for Signals
Opening Bell Daily🔔 retweeted
The majority of people will never pay for frontier AI because free models already handle basic questions and search.
Most users don't want to solve complex physics or math problems.
@ckaiwu explains his view on the difficult ROI for AI spending.
The AI boom is following the same pattern that led to the collapse of the internet and railroad buildouts.
Most investors are not ready for the fallout.
I sat down with quant @ckaiwu to walk through how the AI market rally could end, the outlook for hyperscalers and chip names, why he doesn't like picks and shovels stocks, and where he sees the best opportunities today.
Kai is one of the smartest investors in the industry and he has been ahead of the AI trade every step of the way.
TIMESTAMPS:
0:00 - Most stocks are crashing
3:27 - Bearish on AI boom
5:50 - 3 stages of AI buildout
8:17 - Circular financing
11:46 - Do Anthropic and OpenAI have moats?
17:06 - $2 trillion AI lab IPOs
18:25 - Chips and boom-bust cycle
22:51 - Avoid picks and shovels
25:10 - Lessons from historical disruption
29:18 - Best opportunities today
34:05 - 2 stocks with moats
37:58 - Picking stocks with AI
41:17 - Follow Kai
There's a 47-point gap between the best and worst Magnificent 7 stocks this year.
Apple $AAPL is up 26% and Tesla $TSLA is down 21%.
Apple and Nvidia are the only two Magnificent 7 stocks beating the S&P 500 this year.
ALT There's a 47-point gap between the best and worst Magnificent 7 stocks this year
Goldman Sachs equity traders just had a monster quarter.
$GS grew third-quarter equities trading revenue 72% from a year earlier to $6.44 billion, the fastest gain among the biggest US banks.
openingbelldailynews.com/p/g…
Opening Bell Daily🔔 retweeted
Hard assets like gold, land and bitcoin will last forever.
Put those in a portfolio with high-risk moonshot bets and you end up with a barbell investment strategy that pairs boring resilience with disruptive technology.
@APompliano explains.
Investors are worried about bond yields and oil prices but AI is accelerating so rapidly that traditional macro indicators do not matter.
I sat down with @APompliano to unpack the current market outlook, the case for bitcoin, gold and land during an AI boom, and how the rise of AI agents impacts the bull case for bitcoin.
We also discussed Pomp's new book, How to live an Extraordinary Life Vol. 2.
TIMESTAMPS:
0:00 - Macro bears are wrong
5:53 - AI adoption reality check
8:23 - Bitcoin, gold, land
10:08 - $MSFT and $NFLX
14:31 - Barbell portfolio strategy
16:01 - How AI impacts $BTC
19:41 - Gold
20:43 - How to Live an Extraordinary Life Vol. 2
23:05 - The ego tax
24:02 - Procrastination is arrogance
25:19 - Amateurs built Noah's Ark
Netflix $NFLX fell after each of its last 5 earnings reports.
The average next-day loss was 6.9%.
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ALT Netflix stock fell after each of its last 5 earnings reports
Opening Bell Daily🔔 retweeted
We just rebuilt the Opening Bell Daily site from scratch.
It's now a destination for market charts, news and analysis, high-conviction stock picks and Full Signal episodes.
All in one place.
openingbelldailynews.com
