Go AI Market Morning Wrap - 31th Oct

Stock Market

On Thursday (October 30), the three major U.S. indices fell collectively.  

 

At the close, the Dow Jones Industrial Average fell 0.23% to 47,522.12 points; the S&P 500 fell 0.99% to 6,822.34 points; the Nasdaq Composite fell 1.57% to 23,581.14 points, ending its streak of record highs.  

 

On the individual stock front, Meta, which reported quarterly results the previous day, fell 11.33%, and Microsoft fell 2.92%, as investors worried about the two tech giants’ growing spending expectations in artificial intelligence (AI).  

 

This factor also pressured chip stocks overall, with the Philadelphia Semiconductor Index falling 1.53%, 22 of its 30 components declining. AMD fell 3.59%, Broadcom fell 2.46%; Nvidia fell 2%, with its market cap dropping below the $5 trillion threshold.  

 

Miller Tabak equity strategist Matt Maley said, “This doesn’t mean the AI bubble is about to burst, nor does it signal a major market reversal. However, it does increase the likelihood of a short-term pullback.”  

 

 

Tech stocks were under broader pressure due to retreating odds of a Fed December rate cut. CME’s “FedWatch” tool shows a 72.8% probability of a 25bps year-end cut, down from near 95% previously.  

 

Yesterday, the Fed announced a 25bps cut, but Powell mentioned in the subsequent press conference that the federal government “shutdown” will impact economic activity and that further December cuts are far from certain.  

 

Meanwhile, Google rose 2.45%, and Amazon, which released earnings shortly before publication, surged up to 14% after hours. Portfolio manager Jed Ellerbroek said signs still indicate very strong AI infrastructure spending.

 

New Constructs founder David Trainer commented: “Investors watch tech giants to see which company can last longest in the AI race.”

 

“These companies can’t pour money into AI forever, so those that first find ways to monetize and profit the most will be the ultimate winners.”

Global Hotspots  

U.S. Senate Passes Resolution to End Trump’s Comprehensive Tariff Policy  

 

On October 30 local time, the U.S. Senate passed a resolution 51-47 to terminate President Trump’s global comprehensive tariff policy. The Senate approved a joint resolution ending the national emergency declared for global tariffs. Earlier this week, the Senate passed two resolutions to cancel tariffs on Canada and Brazil.  

 

Ukraine Extends Wartime State and General Mobilization by 90 Days  

 

On October 30 local time, Ukrainian President Zelenskyy signed a bill approving extension of the wartime state and general mobilization from November 5 for 90 days, to February 3, 2026.  

 

Pakistan and Afghanistan Agree to Continue Ceasefire, Talks Resume in November  

 

Turkey’s Ministry of Foreign Affairs released a joint statement on October 30 local time regarding Afghanistan-Pakistan talks. The statement said the talks, mediated by Turkey and Qatar, involved Afghanistan, Pakistan, Turkey, and Qatar in Istanbul from October 25-30 to implement a prior ceasefire agreement.

 

Parties agreed to maintain the ceasefire and hold a high-level meeting in Istanbul on November 6 to further discuss and decide specific ceasefire implementation mechanisms.  

 

Prince Andrew Stripped of Royal Title and Residence  

 

On October 30 local time, Buckingham Palace stated that King Charles III has initiated formal procedures to strip his brother Prince Andrew of his titles, honors, and has notified him to vacate royal residence. The statement said Prince Andrew will henceforth be known as “Andrew Mountbatten-Windsor” and will move to other private residence.  

 

ECB Holds Three Key Rates Unchanged, as Expected  

 

The European Central Bank maintained the deposit facility rate at 2.000%, the main refinancing rate at 2.150%, and the marginal lending rate at 2.400%.

Company News  

Apple: Q4 Revenue $102.47B, Above Expectations  

 

Apple Q4 revenue $102.47B, up 7.9% YoY (est. $102.19B); Q4 net income $27.47B; Q4 EPS $1.85, up 90.72% (est. $1.77). Q4 cash & equivalents $35.93B, up 20% (est. $51.67B). By segment: Q4 iPhone revenue $49.03B, up 6.1%; Mac $8.73B, up 13% (est. $8.55B); iPad $6.95B (est. $6.97B); Wearables, Home & Accessories $9.01B, down 0.3% (est. $8.64B). Apple forecasts next-quarter iPhone sales “double-digit” growth, above market est. 9.8%.  

 

Cook: Expects Overall Sales Growth of 10% to 12% in Q1 This Fiscal Year  

 

Apple CEO Cook said overall sales expected to grow 10% to 12% in fiscal Q1; some iPhone 17 and iPhone 16 models faced supply constraints in Q4.  

 

Amazon: Q3 EPS $1.95, Above Expectations  

 

Amazon Q3 net sales $180.17B (est. $177.82B); Q3 operating income $17.42B (est. $19.72B); Q3 net income $21.19B; Q3 EPS $1.95 (est. $1.58). AWS net sales $33.01B, up 20% (est. $32.39B). Amazon forecasts Q4 net sales $206B to $213B (est. $208.45B); Q4 operating income $21B to $26B.  

 

Reddit Q3 Revenue $585M, Above Expectations  

 

Reddit Q3 daily active users 116M, above est. 114.16M; Q3 revenue $585M, above est. $548.9M; net income $162.7M, above est. $104.3M. Reddit forecasts Q4 revenue $655M to $665M (est. $636.2M).  

 

OpenAI: "Stargate" Project Capacity Exceeds 8GW, Over $450B Investment in Next Three Years  

 

OpenAI, Oracle, and Related Digital announced a “Stargate” data center campus in Michigan. OpenAI said the project’s planned capacity exceeds 8GW, with expected investment over $450B in the next three years.  

 

CoreWeave Acquires AI Development Platform Marimo  

 

Nvidia-backed CoreWeave announced acquisition of Marimo to unify generative AI developer workflows. Terms undisclosed.  

Forex & Commodities  

COMEX gold futures rose 0.94% to $4,038.3/oz; COMEX silver futures rose 1.71% to $48.73/oz.  

 

WTI crude futures settled up 0.15% at $60.57/barrel. Brent crude futures settled up 0.12% at $65/barrel.  

 

NY close, USD index up 0.39% to 99.54; most non-USD currencies fell.  

Key Events  

Q3 Global Gold Demand Hits Record High  

 

The World Gold Council’s latest 2025 Q3 Global Gold Demand Trends Report shows Q3 total gold demand (including OTC) 1,313 tons, total value $146B, setting single-quarter records.  

 

Gold demand growth driven by investment. Q3 investment demand surged to 537 tons, up 47%, accounting for 55% of Q3 net demand. Notably, physical gold ETF holdings increased for the third straight quarter by 222 tons, inflows $26B. In the first three quarters of 2025, global gold ETF holdings rose 619 tons, ~$64B.  

Cryptocurrency  

Bitcoin fell 1.39% in 24h to $108,514.  

 

Ethereum (ETH-USD) down 2.66% to $3,805.85.

 

XRP (XRP-USD) down 4.34%, BNB (BNB-USD) up 2.84%, Solana (SOL-USD) down 4.49%.  

 

Dogecoin (DOGE-USD) down 5.06%, Cardano (ADA-USD) down 6.00%.  

Key Events  

SpaceX Transfers Another 281 BTC This Wednesday, Now Holds ~8,285 BTC  

 

Arkham data shows Musk’s SpaceX transferred another 281 BTC (~$31M) on Wednesday from Coinbase Prime custody to a new wallet. SpaceX now holds ~8,285 BTC (~$894M), the world’s fourth-largest private corporate Bitcoin holder.

 

SpaceX has reduced holdings from 25,000 BTC since 2022. SpaceX did not respond on whether the transfer involves security adjustments or potential sales.