Meta filed this morning for a $35 billion offering of common and convertible preferred stock, plus a separate program to sell up to $60 billion in shares — roughly $95 billion total, with a $60 billion at-the-market program planned for Q1 2027. Nvidia, AMD and Broadcom have signaled non-binding interest in buying up to $5 billion collectively in the Class A offering as cornerstone investors. Shares rose premarket; Meta's 2026 capex guide sits at $135 to $145 billion. Morgan Stanley and Goldman Sachs are leading.
Elon Musk said more than 200 neocloud firms could face widespread failure and consolidation as AI debt financing tightens, sending CoreWeave, Nebius, IREN and Applied Digital sharply lower premarket. CoreWeave traded near $59, about 36% below its 200-day average, after hitting a 52-week low last week; its five-year CDS spread sat at 1,129 basis points — past the 1,000 bp distressed threshold. Morgan Stanley cut its CRWV target to $70 and UBS to $105.
Musk confirmed late Sunday that SpaceX closed $40 billion in debt financing for GPUs arriving in the first half of 2027, structured through a special purpose vehicle to keep the debt off balance sheet and preserve investment-grade ratings. It's a demand datapoint for Nvidia at exactly the moment the market is questioning who can still fund GPU purchases. SpaceX shares rose 1.1% premarket to $149.12.
Microsoft and Alphabet report after Wednesday's close, hours after the Fed decision; Amazon follows Thursday evening. Hyperscaler capex including Meta is running near $800 billion annually, with Alphabet alone guiding 2026 capex to $195 to $205 billion. Microsoft has guided Azure growth near 45% in constant currency with quarterly capex above $50 billion — free cash flow, not headline beats, is what the market is grading.
Oppenheimer raised its Microsoft price target to $625 from $570 this morning, maintaining Outperform, citing healthy enterprise demand supporting Azure and Microsoft 365 momentum. The firm's channel checks suggest infrastructure availability — not demand — is the primary constraint on Azure growth, and it calls Microsoft one of the highest-quality AI beneficiaries in large-cap software.
Apple edged past Nvidia intraday Friday to become the world's most valuable company for the fifth time, before Nvidia closed ahead at $5.094 trillion versus Apple's $5.074 trillion. Apple is up about 4% in October on the iPhone Duo launch while Nvidia is down roughly 7% and sits about 11% below its October 6 record close. The read-through: investors are rotating from capex-heavy AI into low-capex consumer hardware.
Micron gained roughly 1.4% premarket near $877 alongside SanDisk and SK Hynix. Citi cut its valuation multiple and lowered fiscal 2027 and 2028 estimates, expecting DRAM and NAND prices to keep climbing but at a slowing pace, with memory prices peaking in Q2 of next year. Bank of America is on the other side, holding Buy with a $1,550 target on tighter 2027 and 2028 supply. Micron is up roughly 200% in 2026.
Anthropic is targeting a mid-November IPO near a $1.5 trillion valuation, with Q3 revenue of $16.8 billion, up 45% sequentially, and a draft prospectus showing an $80.7 billion net loss on $16.3 billion of first-half revenue. OpenAI is racing to close up to $30 billion at a $1.25 trillion pre-money valuation led by UAE investors and Coatue — about $150 billion below the $1.4 trillion it floated earlier in October. Neither is publicly traded; both are sentiment drivers for the whole complex.
S&P 500 and Nasdaq 100 futures edged higher after two weeks of steep tech losses that dragged a US semiconductor gauge to a three-month low; SMH gained about 0.74%. Goldman noted trend-following hedge funds had their worst week since 2024 as AI names sold off. An equipment maker's warning wiped roughly $200 billion off chip names last week, and crude near $111 added to the pressure.
Intel reports Q3 results after Thursday's close, with consensus near $0.40 per share on $16.50 billion in revenue. The stock traded up about 1.7% near $87 Monday and remains up over 135% year to date despite losing 29% in the past month in the broader tech selloff. RBC reiterated its rating on AI demand and foundry progress, and JPMorgan upgraded the name earlier in the month.
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