Can't escape the tough days. Oracle has been stirring up the market for two days straight: the night before it was an earnings report issue, and last night it was delays in delivering data centers for OpenAI. Larry Ellison probably never imagined he'd become the man at the peak of influence in this way. On the surface, it's Oracle and Broadcom's earnings and delivery delays. But in reality, it's concerns about AI spending. The good news is that downstream demand is still solid, and the release of GPT 5.2 shows that AI iterations are still moving quickly. It's a localized issue, not a global one. It might even just be Oracle's own problem—if you look closely, Broadcom's earnings report is actually pretty good. Of course, the core logic of these tough days still ties back to the points we discussed Thursday morning. It'll take time to get through the three big events next week (November's non-farm payroll and inflation data, Congress voting on the healthcare subsidy evaluation bill, and Japan's interest rate hike).