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India's forex reserves fell $8.6 billion to $726 billion in the week ended October 9, marking their fifth straight weekly decline as the Reserve Bank of India (RBI) intervened to stabilise the rupee. The cumulative fall over five weeks is about $59.7 billion, after reserves hit a record $785.71 billion on September 4. The drop reflects high crude oil prices, foreign portfolio outflows and persistent dollar demand. The rupee closed at 94.96 per dollar on Friday, up 1.9% for the week, after nearly hitting a record low of 96.96 earlier in October. The RBI has rolled out measures including a dedicated dollar window for state oil marketers, tighter forex derivatives rules and a risk reserve requirement, though these cannot eliminate underlying dollar demand.
- TSMC Open to Working With Terafab But Must Control Plants
TSMC is in discussions to collaborate with Elon Musk’s Terafab project but insists it must operate the chip fabrication plants. CEO C. C. Wei said “the fab has got to be run by TSMC,” responding to Musk’s recent claim that TSMC would at most lease capacity. Based in Texas, Terafab aims to supply advanced chips for Tesla and SpaceXAI, and Musk has said his companies would be solely in charge there. Intel is helping develop the technology for the facility, while neither side has specified the terms of any arrangement beyond confirming the talks.
- Zelenskyy says Ukraine is ready to agree to energy ceasefire, but warns Russia must do same
Ukrainian President Volodymyr Zelenskyy welcomed the U.S.-brokered energy ceasefire but warned that Kyiv would retaliate if Moscow does not comply, as Russian drone strikes hit Ukraine's energy facilities hours after President Trump announced the deal. Zelenskyy said Russia had attacked six energy facilities that day alone and that Ukraine was ready to sign guarantees if the U.S. required them. The Kremlin said contacts on the ceasefire were ongoing but gave no details. Separately, Trump said Russia would supply more than 4 million tons of diesel to global markets, a volume one analyst called very small, while the EU is set to adopt nearly 1,600 new sanctions listings. Brent crude rose 2% to $106.82 a barrel after Zelenskyy's comments.
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Two Singapore-flagged container ships, GFS Pride and GFS Giselle, were attacked this week; GFS Pride sank after being struck by a projectile and catching fire, while GFS Giselle was damaged, and both crews were reported safe. Analysts say shipping through the strait is unlikely to stop entirely, as strong demand for Middle Eastern energy and commercial opportunities keep some operators willing to accept higher risks and costs. Kpler data show crossings fell to 131 in the week ended Oct. 14 from 176 the previous week, though the decline cannot be attributed solely to these incidents. Most major container lines have not resumed Hormuz services since the war broke out in February, with only some regional operators running sporadic services on smaller feeder vessels.
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JPMorgan has already committed half of its $10 billion investment pool to hypersonic-missile maker Castelion and defense manufacturer Hadrian. The bet reflects America's push to rebuild its defense industrial base.
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X-energy and American Electric Power (AEP) announced a joint development agreement to evaluate the feasibility of a proposed 960-megawatt small modular reactor project in Indiana, with Amazon supporting development through a milestone-based funding agreement. The plant would feature 12 Xe-100 units near the former Breed Generating Station in Sullivan County, redeveloping an AEP-owned brownfield site. It is the second commercial project under the X-energy and Amazon collaboration, which aims to bring more than 5 gigawatts of new nuclear capacity to the U.S. grid by 2039. At the time of writing, XE was up 2%, AMZN gained 3.75%, and AEP fell 1.13%.
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- Jensen Huang Declares NVIDIA Can Win “in the Absence of Any AI Labs”
NVIDIA CEO Jensen Huang said on the BG2 podcast that about a third of the business, classical computing unrelated to AI labs, is growing 30% to 40% a year, while frontier labs account for roughly 25% to 30% of compute. In the three months to July 26, 2026, revenue rose 106% to $96.2 billion, with AI clouds, industrial and enterprise revenue up 138%. Steve Eisman cited a 10-Q line showing 70% of NVIDIA's accounts receivable comes from five customers, though the article notes receivables are not the same as revenue share. NVIDIA trades at 17.7x forward earnings, near its three-year low of 17.5x and well below its 30.3x average.
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Wedgewood Partners reported that its Wedgewood Composite returned 2.5% net in the third quarter of 2026, compared with 2.3% for the S&P 500 and 0.9% for the Russell 1000 Growth. In its investor letter, the firm named Amazon a leading contributor, citing AWS revenue growth accelerating to 37% from 17% a year earlier and a 63% rise in the segment's operating income. AWS backlog of around $500 billion is more than double last year's level and up 37% from 90 days earlier, and Wedgewood said this demand supports a plan to double AWS capacity from circa 2025 levels by 2027. Advertising grew 26% and generated over $75 billion in revenue over the past 12 months. As of October 16, 2026, Amazon closed at $250.00, with a market capitalization of $2.7 trillion and a 21.22% gain over the past year.
- Bitcoin is rejected at $83K as US bond yields reverse higher with equities
Bitcoin failed to follow rising equities as a wall of sell orders above $83,000 across exchanges capped gains, and BTC slipped below $82,000 after Monday's Wall Street open. The Nasdaq Composite gained 1.5% and South Korea's KOSPI rose 1.76% to 5,768 points, while the US 10-year yield climbed to 5.13% and the 30-year to 5.46%, moving in step with stocks ahead of major tech earnings from Meta, SpaceX and Tesla. QCP Capital warned that a repeat of last week's tech sell-off could threaten the $80,000 support level. Crypto liquidations totaled $335 million over 24 hours, and the Binance whale ratio fell to 0.45 from 0.54 at the start of October.
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