Pre Market Thoughts - 30 Oct 26 INTC had a terrible earnings - leading it to tank more than 20% since. The company guided for 15-16B for Q4 vs 17B expected and also for EPS to fall to 0.25 vs 0.43.....and for gross margins to fall from 44% to 38%. The leading cause of this? INTC's PC business getting destroyed by the memory shortage. Meanwhile the DC business is booming with revenue growing 80% y.o.y to 7.3B..however they are currently supply constrained with this continuing to first half 2027... AMZN fared no better, being down 10%...it is currently at its cheapest on a P/E level. Joining the likes of GOOG. I shall not go too deep into AMZN earnings itself, there are better sources that you can read it from. What i will go into however is about AMZN and GOOG both dropping over 10% in a single day. For large part, investors going into earnings have been hiding in the mag7s. However these are also the same investors that will be buying into the ANT IPO. Hence i think that positioning is both overly long and you have immediate supply coming up. Which creates a situation where the mag7s could trade extraordinarily cheap for awhile. SNDK earnings were good but NOT good enough with the market punching it with a 5% drawdown as well. In its slides it states "NBM pipeline exceeds our supply through the end of the decade". At this point, market valuations for semis like SNDK and SKHY/ $0660 is effectively claiming that the "cyclical top" is in. That is what market valuations imply. Whether this reflects reality is another story. If not, it becomes the fuel for the rerating of SNDK, MU SKHY to multiples of their current valuation. Essentially, do you believe that the top for the AI trade is in? Next, with risk appetite getting a beating, neos were also likewise sold in the risk management move in thin pre market trading. On crypto - Binance got hacked. This is the largest CEX and while CZ has promised to make everyone whole on this...BTC is trading very strong for the context. The 76k support also held and like what i said - you either bid value or you bid momentum. In terms of pure alts - PEPE stands out to me. Come into the terminal chat to discuss~ Good luck!