Something is changing underneath the stock market... South Korea's semiconductor-heavy market is under serious pressure, and long-term Treasury yields are doing something strange post the inflation read. In today's video, we connect the Price Action, Data and Flows behind the latest moves and look at what the charts are telling us. Patience. React, don't predict.

$TSLA made a flying car. Semiconductors have just done something we haven't seen in 16 years. And what is going on with some of these Ai companies? That and more in Today's Show: 👇👇👇👇

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5 Things That Caught My Attention Today... 1. Things are getting interesting in CoreWeave's debt. The cost of insuring the company's bonds against default has reportedly reached record levels, with five-year credit default swaps trading around 1,195 basis points. Some of its bonds are now trading around 79 cents on the dollar, offering yields above 15%. Credit markets are effectively pricing in a substantial probability of default over the next five years, although that doesn't mean default is inevitable. Remember, this is one of the companies sitting right in the middle of the AI infrastructure boom, backed by Nvidia and holding enormous contracts with major technology companies. Jensen Huang says CoreWeave's financing costs are improving and Nvidia doesn't need to bail it out. It's quite a contrast to what the bond market is telling us. I've said it before, sometimes the most interesting signals aren't coming from the stock market at all. 2. Semiconductors are having a pretty rough time. The Philadelphia Semiconductor Index has fallen around 12% over recent sessions, while SOXX has now recorded eight consecutive declines, its longest losing streak in roughly 11 years. Yet investors have reportedly poured billions into leveraged semiconductor ETFs during the selloff. 3. The Russell 2000 ETF has fallen more than 10% from its August high and is now trading below its 50-, 100- and 200-day moving averages. Its RSI has dropped toward 28, a level we haven't seen since the sharp weakness around April 2025. We've been watching small caps struggle for weeks while the biggest technology companies kept the headline indices near their highs. Higher borrowing costs are particularly relevant here because smaller companies often have less financial flexibility than their larger counterparts. 4. September's producer inflation numbers are a pretty good example of why. US PPI jumped 1.3% in a single month, more than double expectations, taking annual producer inflation to 6.3%. Diesel prices at the producer level rose 21% in September alone. That's an enormous monthly increase. We've looked at the divergence between crude oil and refined products, the shipping problems and the impact on companies like Delta. Now we're seeing those pressures appear in the official inflation data. It doesn't mean every increase gets passed directly to consumers, but businesses are certainly dealing with a very different cost environment than they were earlier this year. 5. Anthropic's latest numbers are extraordinary, although the market reaction tells us something about expectations. According to the Financial Times, revenue reached $16.8 billion in Q3, up around 46% from the previous quarter, and the company reported another adjusted operating profit. That's impressive growth by almost any measure. But the previous quarter's growth was considerably faster, and investors are now looking at a potential November IPO with a valuation approaching $2 trillion. Patience. React, don't predict.

3 Things That Caught My Attention Today... 1. Things are getting pretty ugly in South Korea. The KOSPI has reportedly fallen more than 20% from its recent highs, with Samsung and SK Hynix coming under heavy selling pressure. Trading curbs have been triggered again as concerns around AI financing, semiconductor valuations and higher US inflation spill into Asian markets. 2. Small caps are now officially in correction territory. IWM closed at $271.37, down another 1.9%, taking its decline from the August highs to more than 10%. We've been watching this chart for weeks, particularly the weakening trend and the move below the 200-day moving average. What I find interesting is how differently smaller companies have been behaving compared with the biggest technology stocks. Higher Treasury yields and borrowing costs are clearly part of that conversation, especially for businesses that rely more heavily on floating-rate debt. As paul Tudor Jones once famously said, nothing good happens underneath the 200DMA. 3. September CPI came in at 3.7%, above expectations, with gasoline prices jumping 9.1% in a single month. We've spent months talking about diesel, oil and the cost of moving energy around the world, and now we're seeing some of those pressures appearing in the inflation data. With earnings season underway, a lot of people will be looking at big tech over the next few weeks. Patience. React, don't predict.

Kospi currently is in free fall today! Down 7.50% so far.

Goldman Sachs just reported $5.3 BILLION in quarterly profit, while Citi's profits jumped 40%. JPMorgan made over $15 billion but still missed expectations, and Wells Fargo delivered mixed results. Meanwhile, the IMF is raising concerns about AI financing, foreign investors have trillions exposed to US technology stocks, and semiconductors are starting to show some weakness. In today's video, we look beyond the headline earnings numbers and connect the Price Action, Data and Flows across banks, AI and the broader market.

There's something fascinating about $CVNA. Few stocks seem to divide investors quite like Carvana. Depending on who you ask, it's either an incredible turnaround or a business the market has become far too comfortable valuing at a premium. The interesting part is how long those two arguments can coexist. One worth watching.

6 Things That Caught My Attention Today... 1. The IMF has just named AI-related financial risks as one of the biggest threats facing global markets. What caught my attention was the financing behind it all. According to its analysis, around $950 billion in equity and debt commitments are tied to deals involving roughly $1.4 trillion in future chip and cloud purchases. 2. Bloomberg has reported some pretty extraordinary numbers around foreign investment in US stocks. Around $1.5 trillion has reportedly flowed into American equities from overseas investors since the beginning of 2024, with approximately $4.9 trillion of foreign holdings now exposed to AI-related companies. That's roughly the size of Germany's entire economy. South Korean investors alone reportedly put $69 billion into US equities over the past year, compared with $17 billion in 2023. 3. Bank earnings kicked off with some interesting results. Goldman Sachs reported $5.29 billion in profit, up 29%, while Citi's profit jumped 40% to $5.2 billion. JPMorgan made $15.3 billion but still missed earnings expectations, and Wells Fargo reported a 6% increase in profit. Not exactly the picture of a banking system struggling to make money. What I'm more interested in is what's happening with consumers. Deposits remain relatively resilient, credit-card borrowing continues to be an important part of the picture, and higher borrowing costs are still affecting parts of the lending market. We've discussed the difference between Wall Street and the real economy before, and these results are another reason to look beyond the headline earnings numbers. 4. David Rosenberg is becoming increasingly vocal about what he sees in US stocks. He's comparing the enthusiasm around AI with the dot-com period, pointing to valuations, leverage and how much money is concentrated in a handful of companies. He's reportedly favouring Treasuries and international equities instead. Now, Rosenberg has been cautious before, sometimes well ahead of the market, so I'm not taking this as some kind of prediction. But I do find it interesting that we're seeing record index levels while more experienced market participants are openly questioning the valuations underneath them. History doesn't have to repeat itself for the comparison to be worth discussing. 5. Here's something a little different. A humanoid robot from Dyna Robotics was part of the Nasdaq closing bell ceremony alongside RoboStrategy, which trades under BOT. JPMorgan reportedly expects global humanoid robot shipments to grow from around 18,000 in 2025 to 1.75 million by 2030. That's an enormous forecast. 6. SMH has started showing some weakness after an extraordinary run in semiconductors. The ETF has fallen from around $639 to $588 over several sessions, even though it's still up more than 60% this year. Broadcom's Hock Tan has also been questioning some of the more speculative behaviour appearing in AI financing. Patience. React, don't predict.