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Good morning.
Markets took another hit on Tuesday, and all eyes will be on Nvidia’s earnings report after markets close today.
In this issue:
The Magnificent 7 ranked by PE ratio and CapEx
FOMC meeting minutes to be released today
Meta’s apparently not a trust after all
Saudi Arabia’s $1 trillion US investment
Let’s get into it.
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📰 Market Headlines
Markets tumbled on Tuesday as investors braced for Nvidia’s earnings and fresh economic data.
The Dow dropped 1.07%, the S&P 500 fell 0.83%, and the Nasdaq slid 0.5%, marking the S&P’s fourth straight loss as concerns over an AI bubble and slowing growth weighed on sentiment.
Nvidia (NVDA) will report earnings after market close today. Options trading has priced in a 7.5% move up or down, which would be plus or minus $330 billion. That makes this potentially the largest earnings swing in market cap for any company ever.
Here are the Magnificent 7 ranked by capital expenditure and PE ratio ahead of NVDA’s earnings today. Google and Meta have the lowest PE ratios (TTM), and Tesla’s PE dwarfs those of the rest of the Mag 7. It’s also interesting that Google’s PE remains so low even with such high capital expenditure.
The FOMC’s October meeting minutes will be released today, and investors will be scouring them for any clues about the Fed’s position on December rate cuts. The last we heard was this from Powell: “A further reduction in the policy rate at the December meeting is not a foregone conclusion, far from it.”
Meta (META) just won the trial over whether it’s a trust or not. The verdict was that Meta does not have a monopoly over social media, and that it wasn’t wrong for the company to purchase Instagram in 2012 and Whatsapp in 2014.
Saudi Arabia is investing $1 trillion in the USA. The Saudi Crown Prince Mohammed bin Salman stated at the White House yesterday that Saudi Arabia will be raising its investments in the US to almost $1 trillion.
Microsoft and Nvidia are investing in Anthropic, with the Claude maker committing $30 billion to Microsoft’s Azure cloud. Nvidia will invest up to $10 billion, and Microsoft will invest up to $5 billion, according to Reuters. The deal strengthens Anthropic’s position as a key rival to OpenAI and deepens consolidation across the AI sector.
Financial stocks flashed warning signs as the KBW Bank Index slid 4.5% over five sessions, underperforming the S&P 500. Capital One’s credit card charge-off rate jumped to 4.77%, and American Express saw write-offs rise to 2.2%. Analysts warned that worsening credit quality could threaten the market’s late-year rally.
😱 Fear & Greed Index
🤖 AI/Future/Tech News
Google launched Gemini 3 on Tuesday, scoring 37.4 on the Humanity's Last Exam benchmark and crushing GPT-5 Pro's previous record of 31.64.
Cloudflare shares dropped 2.3% after an outage disrupted X, ChatGPT, and other platforms when an oversized configuration file crashed its traffic systems.
Intuit struck a $100 million deal with OpenAI to integrate financial data from its products into ChatGPT.
Crypto
Corporations now control 14% of Bitcoin, a figure that excludes holdings by miners and sovereign nations.
The Cloudflare outage disrupted access to major crypto sites like Coinbase and Blockchain.com on Tuesday.
⚜️ Alternative Investment: Gold Leasing
Wealthy investors rented out their gold bars to refiners and jewelers this year, with SafeGold's leasing volumes vaulting from $2 million to $40 million as family offices sought yields up to 4% from bullion that would otherwise sit idle in vaults.
The model worked like loans but paid in ounces rather than cash. Borrowers used leased gold for production, then returned the same amount of metal plus interest paid in gold, avoiding price exposure while maintaining inventory. SafeGold offered 2% yields on secured leases and 4% on unsecured ones, with rates hitting 3-5% earlier this year.
Record gold prices doubled financing needs across the jewelry supply chain, with platforms deploying RFID tracking, insurance, and 24/7 monitoring to cut counterparty risk. Gold climbed over 50% this year and remained on track for its strongest annual gain since 1979.
📊 IPOS and Earnings
Klarna beat revenue expectations with $903 million (+26% YoY) but swung to a $95 million loss in its first post-IPO report. Shares fell 7%.
Amer Sports beat on both revenue and earnings, posting $1.76 billion in sales (+30% YoY) and $0.33/share EPS. The stock jumped 8.2%.
Home Depot narrowly beat on EPS ($3.80 vs. $3.75 est.) but missed on sales, with revenue down 3% to $37.7 billion. Shares slipped 0.4%.
🚚 Market Movers
Defense supplier L3Harris invested $400 million to expand its Arkansas rocket motor facility, boosting production capacity sixfold.
FanDuel and DraftKings quit the American Gaming Association amid a growing rift over sports
🎪Crowdfunding Showcase
Noble Mobile flips the phone plan game, paying users cash back for unused data. Co‑founded by Andrew Yang, the carrier runs on T‑Mobile’s 5G network with transparent pricing, privacy‑first policies, and rewards for mindful tech use. Backed by Scott Galloway and Jim McKelvey, Noble aims to make mobile service cheaper, fairer, and smarter.
🎙 What Do You Think?
🎤️ What you said last time
🧠 The Missing (Market) Links
Companies hired freelancers to fill gaps after layoffs. Upwork said 78% of firms planned to bring in independent talent, with data science and creative work leading demand.
The Trump administration approved a Three Mile loan worth $1 billion to restart the renamed Crane Clean Energy Center.
Home Depot miss signaled middle-class shoppers are cutting back. Comparable sales rose just 0.2%, forcing a full-year outlook cut.
A new report showed the US was the top Chinese loan target, receiving $200 billion over 25 years through shell firms tied to tech and defense.
Farmers appealed antitrust claims against Bayer and 15 other ag giants, alleging a boycott of e-commerce platforms that inflated prices.
US households faced the steepest power bill jump in three years. The average family spent $1,130 this winter, up 4%, as AI data centers strained the grid.
Child care costs topped rent in 85 major cities. Families with two kids paid an average of $2,252 a month, double the rent in Omaha and Buffalo.
📜 Quote of the Day
Patience is not the same as inactivity. It’s disciplined waiting for the odds to tilt your way.
📢 We want to hear from you.
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⭐️ What did you think of today's edition?
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Cheers,
Brandon & Blake of Invested Inc
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