A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Meta $META unveiled Muse Wonder and Muse Wonder Full, calling them its most capable AI models to date for personal AI agents and software development. Trained at Meta’s gigawatt-scale Prometheus data center, the models combine Active Memory, which carries relevant context across conversations, with Active Focus, enabling agents to persist through complex tasks, explore alternative approaches, and confirm important actions with users. Meta said the models deliver state-of-the-art performance across agent, memory, and coding benchmarks, while supporting professional workflows involving software engineering, legal, financial, and health tasks. Muse Wonder is available today through the Meta Model API and Muse Code, while Muse Wonder Full is available to Muse Code subscribers and will also roll out to the Muse app, alongside stronger safeguards for privacy, malicious instructions, and misuse. 2. Broadcom $AVGO CEO Hock Tan warned that many investors are approaching AI like “casino gamblers,” arguing that capital is increasingly being deployed without a clear understanding of the industry's long-term economics. Tan said the next major constraint on AI may not be chips or power, but capital, as AI developers must prove they can generate sustainable returns from the enormous investments being made today. He also cautioned that some companies are overspending on AI initiatives and emphasized that long-term winners will be those that can turn AI deployments into profitable businesses rather than simply building larger models. 3. The S&P 500 $SPY traded just 18.3M shares today, marking its lowest full-session trading volume since December 26, 2003. 4. Market breadth continues to weaken even as the S&P 500 remains near record highs. 84% of S&P 500 stocks are now trading at least 10% below their all-time highs, despite the index sitting just 0.2% below its record close. Real Estate has been the weakest sector, with 97% of its stocks down at least 10%, followed by Materials (96%), Utilities (94%), and Consumer Discretionary (92%), while Energy (62%), Healthcare (70%), and Information Technology (72%) have held up relatively better. Overall, 59% of S&P 500 stocks are down at least 20% from their highs, 41% are down more than 30%, and 17% have fallen by 50% or more, highlighting the growing divergence between the index and the average stock. 5. Ondas $ONDS and Palantir $PLTR announced the launch of Regna AI, a new company focused on developing specialized AI models for governments and enterprises that want to retain full control over their models, data, and infrastructure. Initially wholly owned by Ondas, Regna will leverage Palantir’s AI platform and model-training infrastructure, with Ondas serving as its first customer. The company's initial focus is on intelligence, surveillance, and defense, developing AI models designed to run directly on drones, ground vehicles, and other edge hardware, even in environments with limited or intermittent connectivity. The companies said initial customer deployments are expected to begin over the coming months. 6. Since the start of 2024, a basket of 42 AI-related stocks has generated 67% of the S&P 500’s total price return, contributing roughly 22 percentage points of the index’s 33% gain over that period. By comparison, the remaining 458 companies have contributed just 11 percentage points. Those same AI leaders have also driven 58% of the S&P 500’s total earnings growth and 81% of all capital expenditure and R&D growth since the beginning of 2024, leaving the rest of the index responsible for only about 20% of investment growth. Meanwhile, just 29% of S&P 500 stocks have outperformed the index over the past 3 years, approaching the roughly 25% participation rate seen during the Dot-Com Bubble. 7. Google $GOOGL is simplifying the Gemini experience by moving toward a single prompt box with no modes or toggles, according to Google VP Josh Woodward. He said the goal is for users to simply tell Gemini what they want and have it automatically determine how to complete the task, reflecting a broader shift in AI user interfaces across the industry. Woodward also hinted that Google is building a “personal, proactive, powerful” version of Gemini, designed to leverage users’ Google data and work more intelligently across their digital lives. He added that Google has heard user requests to make Gemini work more seamlessly with the information they already store in Google services, saying “watch this space” as new capabilities are expected to launch soon. 8. Microsoft $MSFT CEO Satya Nadella announced the company's largest commitment yet to custom AI silicon, saying the Maia chip family will begin scaling to multi-gigawatt deployments starting next calendar year and become the primary inference platform for Microsoft's products and services. Microsoft also introduced Maia 300, which Nadella said delivers 40% more tokens per watt than leading GPU-based systems. The company is already deploying Maia 200 across the U.S., Europe, and Australia, achieving up to 1.7x more tokens per watt for workloads powering Teams and Copilot. Nadella said Microsoft's strategy is to continue improving full-stack efficiency while also incorporating the latest innovations from across the broader AI ecosystem. 9. Global physical gold-backed ETFs attracted a record $30.7B of inflows during Q3 2026, marking the largest quarterly inflow on record. September alone saw $10B of inflows, following $17.9B in August, the second-largest monthly inflow ever recorded. As a result, global gold ETF holdings increased by 67 tonnes in September to a record 4,256 tonnes, surpassing the previous high of 4,176 tonnes set in February. Year-to-date, gold ETFs have attracted $38.5B in inflows—equivalent to 226 tonnes of additional gold holdings—with demand positive across every region. UK-listed funds have led country-level inflows with $9.5B, overtaking China, highlighting exceptionally strong global demand for gold. 10. Anthropic said it has reduced the amount of data harvested through AI distillation attacks by approximately 90–99% after deploying new anti-distillation defenses. The company said Zhipu attempted to distill capabilities from Claude Fable 5, but switched to an older Claude model after encountering stronger cyber safeguards. Anthropic also revealed it has turned away meaningful revenue and trillions of tokens' worth of paying traffic from suspected distillers, prioritizing model security over short-term revenue. The company said preventing unauthorized model distillation is a key national security issue, as frontier AI capabilities can otherwise be replicated at a fraction of the cost and integrated into foreign AI systems. 11. The top 10 most active options today by contracts traded were $NVDA with 2.8M contracts, $TSLA with 1.5M contracts, $META with 1.3M contracts, $MU with 1.2M contracts, $AAPL with 1.1M contracts, $SPCX with 998K contracts, $INTC with 778K contracts, $AMZN with 680K contracts, $MSFT with 648K contracts, and $AMD with 598K contracts. 12. BlackRock has downgraded U.S. equities to Neutral while turning more constructive on U.S. Treasuries, according to a new outlook from the BlackRock Investment Institute and CIO Rick Rieder. The firm upgraded short-term Treasuries to Overweight, raised long-term Treasuries to Neutral from Underweight, and cut U.S. stocks to Neutral after maintaining an Overweight stance for an extended period. BlackRock emphasized that the move reflects near-term risk management, not a change in its long-term outlook, stating it remains bullish on AI and that its core investment convictions are unchanged. WALL STREET IS THE GREATEST SHOW ON EARTH.