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Amazon dropped 7% and Intel collapsed 25% in premarket trading, extending a selloff that started with Alphabet's weak results. AWS grew 39%, a strong number on its own, but Amazon's total capital spending on AI infrastructure was so large it buried the headline. Futures fell for a second straight day as losses spread.

Investors accepted years of heavy AI spending because the pitch was that revenue would eventually catch up. Multiple big names guiding lower in the same earnings window makes that patience harder to hold. When the gap between what goes out and what comes back is this visible across this many companies at once, the whole group gets hit.

Intel is the most exposed here, sitting between a weak PC market and a genuine fight for AI chip revenue it may not win. Do you think Intel holds on as a relevant AI player in 2 years, or does Nvidia and AMD leave it behind entirely?

BOTHELL, Wash. - Immunome Inc. (NASDAQ:IMNM) announced today that the European Medicines Agency has validated its Marketing Authorization Application for varegacestat, an oral gamma secretase inhibitor for treating adults with desmoid tumors.

The validation confirms the application is complete and the EMA will begin its review under the centralized marketing authorization procedure, according to a press release statement.

The application is supported by results from the Phase 3 RINGSIDE trial, a randomized, double-blind, placebo-controlled study involving 156 patients with progressing desmoid tumors. Data presented at the 2026 American Society of Clinical Oncology Annual Meeting showed the trial met its primary endpoint of progression-free survival with an 84% reduction in the risk of disease progression or death compared to placebo.

The trial also met all key secondary endpoints. The objective response rate was 56% versus 9% with placebo. Varegacestat showed statistically significa

Back in April I argued the market was making one mistake on Cheniere: pricing the Qatari LNG outage as temporary. Qatar lost 12.8 million tons of capacity in March when two trains at Ras Laffan got hit. That’s a physical repair on a ~3-year clock, but every ceasefire headline sold the stock off like the supply was coming right back. My bet was just: a truce reopens the shipping lane, it doesn’t rebuild the trains.

Cheniere reported yesterday and the thing that got me wasn’t the quarter, it was this. QatarEnergy — the exact producer whose outage started all this — just signed up to buy ~4 million tons a year from Cheniere through 2054, plus 3M from Woodside. The producer that got hit is now building a long-dated position buying US LNG. The competitor became a customer. That’s the demand thesis confirmed by the one party with the most reason to know how tight supply really is.

The quarter: third straight guidance raise (full-year EBITDA now $8.75-9.25B, up ~$2B since February), divi

Today is the final test of a wild Fed and earnings week: the Q3 Employment Cost Index, expected at 0.8% after 0.9%, and Chicago PMI. After disappointing results last night, including Intel, Nasdaq-100 futures are down about 2%.

Monday and Tuesday: the chip rebound. Anthropic filed for its IPO with $16.3 billion in first-half revenue, and a $63 billion bank-backed vehicle to buy AI chips eased the funding fear. The Philadelphia Semiconductor Index rose 2.8% and 3.6%. SK hynix posted a record quarter with an 80% operating margin.

Wednesday: a hawkish hold. The Fed held at 3.75-4.00%, but two members voted for a hike. Markets price roughly 78-85% odds of a December hike.

Two very different hyperscalers. Microsoft grew Azure 48% and beat on free cash flow by nearly $10 billion. Alphabet showed negative free cash flow of $9.1 billion and $51.4 billion in quarterly capex, and fell 12.6%, its worst day ever.

Thursday: growth strong, inflation sticky. Q3 GDP grew 3.4% and j

Investing.com -- Arm Holdings ADR stock tumbled nearly 11.8% in mid-day trading after Intel’s deeply disappointing fourth-quarter outlook, released after the close on October 29, ignited a sweeping selloff across the global semiconductor sector. Intel forecast Q4 2026 revenue of $15 billion to $16 billion, far short of the roughly $17 billion analysts had anticipated, and projected adjusted earnings per share of just $0.25 against a consensus of $0.43. Intel’s CFO also warned that the company does not expect to generate positive cash flow in 2026, sending shockwaves through the chip industry.

The fallout was not limited to Arm alone. Sector peers including AMD, Qualcomm, Broadcom, and Marvell all experienced steep declines on the day, confirming that the move reflected broad industry contagion rather than any Arm-specific operational development. Adding to the pressure, Arm’s CFO Jason Child had recently sold 10,400 shares for approximately $3.12 million under a pre-arranged Rule 10b5

Intel reported Q3 after the close on 10/29. On its own guide, it was a clean beat: revenue $16.5bn (guide $15.8–16.8bn), non-GAAP gross margin 44.1% (guide 42%), non-GAAP EPS $0.52 (guide $0.38). Data center revenue grew 78%. The stock went from a $92.07 close to about $70.19 overnight.

The reason is the Q4 guidance table. Quarter over quarter, from Q3 actual to Q4 guide:

- Revenue: $16.5bn to $15.0–16.0bn (midpoint about 6% lower)

- Non-GAAP gross margin: 44.1% to 38.0%

- Non-GAAP EPS: $0.52 to $0.25

- GAAP EPS: $0.60 to $0.10

Where the split shows up in the segment table:

- Data Center and AI: $7.3bn, up 78% year over year and up from $6.3bn in Q2.

- Client Computing (PCs), still the bigger unit: $8.1bn, down 5% year over year and down from $8.9bn in Q2. In Q2 it was growing 13%. The CFO says the PC slowdown continues "at least through the first half of next year."

The release doesn't explain the 6-point margin drop. The one new hint is in the risk factors, which now m