Luke Kawa of Sherwood News says this round of big-tech earnings was good but “not good enough” for the market, pushing the Nasdaq 100 into correction for the third time this year. US chip stocks had fallen 29% from their June high, though they remain up on the year. He notes Amazon and Alphabet reported solid numbers, with AWS expected to grow 40% in 2027 and 2028, yet the results failed to satisfy investors. Citing Conor Sen, he argues the bigger issue is the debt and stock issuance hyperscalers are using to fund AI buildouts. After steady bond and stock supply, spreads on the group’s long-dated bonds have widened, and there was no US investment-grade bond issuance from them in September.
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Related tickers and likely impact
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: high
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/02/2026 | 681.13 |
| Change that session | -1.36% |
MSFT
▼ Likely negativeMicrosoft
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Systems Software |
| Market cap | $3.9T |
| Close on 11/02/2026 | 507.12 |
| Change that session | -2.83% |
NVDA
▼ Likely negativeNvidia
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 11/02/2026 | 202.06 |
| Change that session | -1.26% |
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/02/2026 | 752.10 |
| Change that session | -0.48% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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