Nov 2 Update

Is the AI bull market over or is this a hesitation/reset? 

One thing is now clear: this market no longer rewards AI spending on faith. Investors seek proof that capex can convert into meaningful cash flow.

Throughout the selloff late last week, capital began rotating into defensive sectors. Consumer staples (XLP), healthcare (XLV), and utilities (XLU) all outperformed the broad market for the month.

Oil prices are dropping.  Possible peace with Iran. 

Anthropic IPO filing.  Trying to get the IPO done in November.  It’s important to the AI trade because Anthropic has to pay for its build out. 

Upcoming week – Apple and Palantir earnings tonight

            Mid-term elections

            October employment data on Friday.