Julia

$SPCX SEEKS $40B TO FUND MASSIVE $NVDA CHIP PURCHASE: FT SpaceX is looking to raise about $40B in financing led by Apollo to fund purchases of Nvidia chips. The plan includes roughly $10B in bank loans and $30B in investment-grade debt, with the transaction expected to close in 2027. Elon Musk said in August that SpaceX had “decided to build exclusively on Nvidia,” specifically pointing to its Vera Rubin architecture, as the company ramps spending on AI and data-center infrastructure.

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Palantir $PLTR and Armada announced a partnership to deliver sovereign AI on modular data center infrastructure manufactured in the U.S. and allied nations. Under the agreement, Palantir named Armada its inaugural Certified Modular Data Center Partner, combining Palantir’s Sovereign AI Operating System with Armada’s Galleon modular data centers, Armada Platform, and Sovereign AI Grid. The joint offering allows enterprises and governments to deploy open-weight AI models on infrastructure they own and control, with the ability to fine-tune models on proprietary data while keeping compute, data, and hardware entirely within their own security boundary. The companies said the modular approach can bring new AI capacity online in months instead of years, addressing growing demand for sovereign AI infrastructure. 2. Nebius $NBIS has acquired Inferize, an AI inference optimization startup, for an undisclosed amount. Inferize’s technology is designed to reduce model “cold starts,” cutting the time GPUs remain idle while models load and new inference capacity comes online. Nebius plans to integrate the technology and team into its Token Factory inference platform to improve GPU utilization, lower inference costs, and serve more AI workloads using the same infrastructure. 3. NVIDIA $NVDA and SoftBank have each completed the final $10B installment of their respective $30B commitments to OpenAI’s latest funding round. The financing totaled $122B in commitments at an $852B valuation and included Amazon’s $50B investment. SoftBank’s total investment in OpenAI has now reached approximately $64.6B, giving it an estimated 13% ownership stake. According to The Information, OpenAI is already targeting another $30B funding round at a valuation of around $1.4T. 4. Netflix $NFLX co-CEO Ted Sarandos said the company “isn’t growing as fast as I want us to,” while noting that some of Netflix’s strategic decisions are intentionally creating headwinds to subscriber growth. He also revealed that live programming accounts for roughly 5% of Netflix’s $20B annual content budget but generates only about 1% of total viewing, underscoring the company’s continued focus on balancing long-term strategic investments with overall engagement. 5. Nike $NKE reported Q1 FY2027 results with EPS of $0.48, beating expectations of $0.43, while revenue missed at $11.21B versus $11.32B expected, down 4% YoY. Gross margin came in stronger than expected at 42.8%, helped by lower warehousing and logistics costs, but weakness persisted across NIKE Direct (-8% YoY), Digital (-13% YoY), and Greater China (-22% YoY). The biggest disappointment was guidance, with Nike forecasting high-single-digit revenue declines for FY2027 and adjusted EPS of $1.15–$1.35, well below the $1.65–$1.67 consensus. Management said it continues to see challenges in Sportswear, Jordan Brand, and Greater China, while rolling out its new Pace operating model to accelerate its long-term turnaround. 6. Broadcom $AVGO has agreed to provide Anthropic with up to $42B in financing tied to its AI infrastructure expansion, according to Anthropic’s IPO prospectus reviewed by Reuters. The facility could fund roughly one-third of Anthropic’s $125.2B five-year TPU compute commitment, and the debt may be convertible into Anthropic equity. Anthropic is also expected to become Broadcom’s largest compute customer in 2027. The filing notes that Broadcom’s dual role as both a hardware supplier and financing partner could create potential conflicts related to pricing and access to compute. 7. Amazon $AMZN plans to expand its in-house delivery network from roughly 23,700 U.S. ZIP codes today to about 39,400 by 2029, according to an internal planning document reviewed by Business Insider. That expansion would allow Amazon to reach approximately 95% of U.S. ZIP codes and 99.9% of customer demand. The plan includes building 165 new delivery stations between 2027 and 2029 and adding roughly 4,500 ZIP codes through its Hub Delivery rural network. The initiative reportedly began under Project Aurelian, a contingency plan created when negotiations with the U.S. Postal Service became uncertain, though Amazon said the projections remain preliminary and could change. 8. The top 10 most active options today by contracts traded were $NVDA with 2.6M contracts, $MU with 1.5M contracts, $TSLA with 1.3M contracts, $AAPL with 1.1M contracts, $SPCX with 786K contracts, $AMZN with 640K contracts, $GOOGL with 637K contracts, $INTC with 582K contracts, $NKE with 561K contracts, and $MSFT with 447K contracts. 9. Oracle $ORCL has reportedly signed a 5-year, $7B AI compute agreement with Tencent, according to the Financial Times. Under the deal, Oracle will provide access to roughly 100,000 advanced AI chips across its Southeast Asia data centers, with about 30% of the contract value paid upfront. Tencent plans to use the capacity to train AI models and expand its portfolio of agentic AI products, as the company accelerates AI infrastructure spending. The investment has already impacted Tencent’s financials, with Q2 infrastructure capex surging 176% YoY to $7.9B and free cash flow turning negative at -$2B for the first time in more than a decade. 10. AI-related companies continue to dominate capital markets, now accounting for roughly 40% of the S&P 500's total market capitalization. In emerging markets, just 3 semiconductor companies make up 28% of the MSCI Emerging Markets Index, while AI-related issuers have represented 49% of all investment-grade bond issuance so far in 2026. The concentration is even more pronounced in private markets, where 87% of year-to-date venture capital funding has gone to AI companies. For comparison, during the 1999 Dot-Com bubble, internet companies accounted for less than 40% of venture capital funding, highlighting the unprecedented concentration of investment flowing into AI today. 11. Since 1928, the S&P 500 has gained an average of 2.1% during the first half of October in U.S. midterm election years, making it the strongest-performing half-month of the fourth quarter. Positive returns occurred 71% of the time over that period, the third-highest hit rate of any half-month in Q4. The seasonal strength follows a historically weak second half of September, which has averaged a 1.1% decline. Momentum has also tended to remain positive later in the quarter, with the second half of October averaging a 0.3% gain and the first half of November delivering an average 1.7% return with a 79% positive hit rate. 12. Bond ETFs have attracted $23B in inflows over the last 5 trading days, accounting for 62% of all ETF net inflows despite representing only about 15% of total ETF assets. Fixed-income funds also made up 6 of the 8 most-purchased ETFs over the period, with investors allocating capital across cash, municipal bonds, high yield, Treasuries, and $TLT. The broad-based demand suggests investors are increasingly positioning around the bond market as yields remain near multi-year highs and volatility persists across asset classes. WALL STREET IS THE GREATEST SHOW ON EARTH.