Market Snapshot
Ahead of Friday's open, following a dovish statement from Walsh, markets trimmed their expectations for a rate hike at the Federal Reserve's policy meeting on October 27–28. Futures for the three major indices were mixed: Dow Jones Industrial Average futures rose 0.06%, Nasdaq Composite futures fell 0.17%, and S&P 500 futures gained 0.08%.
The Trump administration is considering easing restrictions on Russia's and Iran's "shadow fleets," while the Houthi rebels have recently launched repeated attacks on Saudi airports and energy facilities.$WTI Crude Oil Futures Main Contract (2611)(CLmain.US)$Down 0.41%,$Brent Crude Oil (Cash) Futures Main Contract (2612)(BZmain.US)$Up 0.34%.
Most U.S. Treasury bonds rose,$U.S. 20-Year Treasury Yield (US20Y.BD)$Maintain at a high level.
Cryptocurrencies and precious metals are rising.
$Star Technology Stocks (LIST2518.US)$Pre-market, most stocks rose: Tesla gained over 3%, SpaceX rose more than 1%, while Apple, Amazon, and Meta edged higher. Micron Technology fell more than 2%, AMD dropped nearly 2%, Intel declined by over 1%, and NVIDIA and Taiwan Semiconductor slipped slightly.
$Storage Concept (LIST23925.US)$Pre-market stocks broadly declined, with SK Hynix down more than 3%, Micron Technology, SanDisk, and Western Digital each falling more than 2%, and Seagate Technology down nearly 2%.
$AI Application Software Stock (LIST23492.US)$Most stocks rose in pre-market trading, with Zeta Global up over 5%, Salesforce up nearly 2%, ServiceNow, SAP SE, and Cloudflare each gaining more than 1%, Snowflake up nearly 1%, and Palantir edging higher.
Individual Stock News
JPMorgan's commentary on the Roadster launch: Tesla aims to showcase its engineering capabilities rather than its commercialization plans, maintaining a "Neutral" rating.
$Tesla (TSLA.US)$In$SpaceX(SPCX.US)$The test site in McGregor, Texas, unveiled the long-awaited second-generation Roadster. JPMorgan stated that the event was primarily aimed at showcasing the vehicle's engineering capabilities rather than detailing commercialization plans; management acknowledged that the Roadster may not prioritize safety and that certain features could face regulatory constraints. The firm maintained its "Neutral" rating on Tesla, with the $415 price target set on September 28, which remains unchanged in this report.
Tesla's China official website has opened reservations for the Roadster, with a deposit of RMB 332,000.
$Tesla (TSLA.US)$The U.S. official website has opened Roadster reservations, with a $50,000 deposit required for the Performance version—$5,000 due upfront and the remaining $45,000 payable within 10 days. For the Thrust version, the deposit is as high as $250,000, with $5,000 due upfront and the remaining $245,000 payable within 10 days. The Rocket version is currently available by invitation only. Tesla's China official website has also opened Roadster reservations; unlike the U.S. site, it currently offers only the Performance version, with a deposit of RMB 332,000.
KeyBanc: Intel is reportedly securing orders from major clients such as Apple and NVIDIA, with optimism for 14A and advanced packaging opportunities.
KeyBanc analysts, after recently visiting Asia, noted that Intel has secured foundry orders from Broadcom, Google, Apple, AMD, Microsoft, and NVIDIA, and are optimistic about the revenue opportunities brought by the 14nm process and advanced packaging. However, the specific customer list, contract scope, and amounts have not yet been publicly confirmed by the companies involved. Estimates suggest that Apple-related projects may involve approximately 600,000 wafers, with corresponding potential revenue opportunities ranging from $15 billion to $20 billion.
Anthropic is still evaluating that the potential volume of custom application-specific integrated circuit (ASIC) projects could reach 5 million to 10 million units, and if advanced packaging is factored in, the revenue opportunity could amount to $40 billion to $80 billion. In the area of advanced packaging, Google's Humufish TPU v9 and Icefish TPU v10-related projects could generate approximately $12 billion to $15 billion in revenue opportunities for Intel.
Jensen Huang stated that CoreWeave's financial strength has improved, so NVIDIA is not required to provide it with a bailout.
$NVIDIA (NVDA.US)$CEO Jensen Huang stated on October 15, local time, that data center operators$CoreWeave(CRWV.US)$Its financial condition is improving, and he believes NVIDIA has no need to provide a bailout for CoreWeave. "I'm optimistic. Their cost of capital is actually declining." As the credit market turns increasingly negative toward CoreWeave, perceiving its default risk as rising, Jensen Huang is striving to bolster external confidence in the company.
Morgan Stanley: Expects Taiwan Semiconductor to accelerate capacity expansion before 2028, while maintaining an "Overweight" rating.
JPMorgan released a research report stating that, due to the widening supply-demand gap for advanced wafers and strong demand for artificial intelligence, it believes$Taiwan Semiconductor (TSM.US)$It is very likely to accelerate its expansion before 2028. With the N3 fab adding new facilities, N2 capacity surging, and A14 production ramping up ahead of schedule, the firm expects Taiwan Semiconductor's capital expenditures in 2027 and 2028 to rise to US$90 billion and US$109 billion, respectively. Supported by a robust increase in average selling prices and growth in advanced‑node capacity, the firm forecasts that Taiwan Semiconductor's revenue, denominated in U.S. dollars, will grow by 40% year over year in 2027 and 28% in 2028. The firm maintains an "Overweight" rating on Taiwan Semiconductor shares, with a target price of NT$3,300.
Amazon's "24/7 AI Assistant" Bee makes its debut, with edge-cloud collaboration weaving together the "Amazon AI Empire."
A U.S. e-commerce and cloud computing giant$Amazon (AMZN.US)$The company is expanding its AI ecosystem—from enterprise‑level AI computing platforms to edge‑side AI systems, everyday personal memory tools, task‑management apps, and online shopping portals. On October 15, the tech giant unveiled the Bee Frontier wearable wristband and the Bee Eclipse magnetic phone accessory, priced at $74.99 and $99.99 respectively. These devices can generate summaries, reminders, and to‑do lists by understanding everyday conversations and connect seamlessly with Alexa and Amazon.com.
Waymo announced its entry into Toronto, Canada, with plans to launch an autonomous ride-hailing service in 2028.
$Google-A (GOOGL.US)$Waymo, its autonomous‑driving subsidiary, has announced its entry into Canada, where it will build operational facilities and create jobs in Toronto, with the goal of welcoming its first passengers by 2028. In the coming days, Waymo vehicles will begin on‑road testing under human supervision in Toronto, conducting high‑precision mapping and road trials, followed by validation by trained autonomous‑driving specialists.
EchoStar Communications rose nearly 2% in pre-market trading after JPMorgan raised its price target to $144.
JPMorgan resumes its stance on$EchoStar Communications (ECHO.US)$The research coverage assigns an "Overweight" rating and sets a price target of $144, implying roughly 66% upside from Thursday's closing price of $86.85. EchoStar had previously submitted to…$AT&T(T.US)$and$SpaceX(SPCX.US)$The company sold approximately $43 billion in spectrum assets, a move the bank believes has effectively reduced risks on its balance sheet and enabled its transformation into an investment‑focused firm. The bank also highlighted several potential value drivers, including upside in SpaceX's stock price, additional opportunities to monetize spectrum, and a share‑repurchase program that could commence sooner than anticipated.
Netflix has appointed a former Disney executive as its new head of content.
$Netflix(NFLX.US)$Announced the appointment of former Disney executive Peter Rice as Chief Content Officer, succeeding Bela Bajaria, who is set to depart. Starting October 26, Rice will take charge of Netflix's content strategy, overseeing series, films, and live-event operations worldwide. Rice previously served as Chairman of Walt Disney Television and Chairman of The Walt Disney Company's Integrated Entertainment business.
SpaceX conducts a classified mission for the U.S. Space Force.
$SpaceX(SPCX.US)$On October 15, local time, a Falcon 9 rocket was launched from Vandenberg Space Force Base in California, carrying out a classified mission for the U.S. Space Force. The payload and specific objectives of the mission have not been disclosed to the public.
Ending its 40-year partnership with PepsiCo, KFC in the United States will switch to Coca-Cola.
KFC in the United States announced a partnership with…$Coca-Cola (KO.US)$Establishing a new partnership. Starting in January 2027, KFC will shift its U.S. beverage partnership to Coca-Cola, with Coca-Cola products expected to be available at all KFC restaurants nationwide by spring 2027. Since Pepsi acquired KFC in 1986, U.S. outlets have been serving beverages under the Pepsi brand. KFC U.S. President Catherine Tan-Gillespie stated,$PepsiCo (PEP.US)$It remains an important partner of KFC's parent company and its international markets. PepsiCo, for its part, stated that its cooperation agreements with Taco Bell and KFC's international operations have recently been renewed.
Aluminum Corporation of America reported third-quarter revenue of $3.7 billion, up nearly 24% year over year.
$Aluminum Corporation of America (AA.US)$In the third quarter, revenue totaled $3.704 billion, up 23.7% year over year but down 6.6% from the previous quarter. Net income attributable to the company was $483 million, compared with $407 million in the prior quarter. Earnings per share were $1.81, higher than the previous quarter's $1.53. Excluding special items, Alumina's adjusted net profit for the third quarter was $485 million, down from $562 million in the prior quarter, while adjusted earnings per share fell to $1.82, versus $2.12 in the previous quarter. Adjusted EBITDA amounted to $789 million, a 12.4% decline quarter over quarter.
Global Macro
Federal Reserve Chair Jerome Powell: A special task force will hold hearings in November to focus on the economic implications of artificial intelligence; he did not disclose whether interest rates would be raised again in October.
Federal Reserve Chair Kevin Warsh stated that the Fed's Productivity and Employment Task Force will hold an on-site hearing in the San Francisco Bay Area on November 16, focusing on issues such as the impact of artificial intelligence on the economy. Warsh announced this plan during the IMF Annual Meetings in Bangkok. He added that the task force will conduct an in-depth examination of how AI is shaping economic activity and the labor market.
On Friday, Wash stated that he would not prejudge the Fed's interest-rate decisions and did not indicate whether the central bank would raise rates at its October 27–28 monetary policy meeting or, as markets expect, keep short-term rates unchanged. Speaking at the 2026 IMF–World Bank Annual Meetings in Bangkok, Wash noted that when the Fed raised rates in September, it "made it very clear that we are committed to achieving price stability and unwinding a certain degree of monetary policy accommodation." He emphasized: "I will not anticipate the outcome of any particular meeting. In my view, it is premature to telegraph what actions we might take at the remaining meetings this year."
Market expectations are mounting that the October meeting will hold rates steady.
The market has scaled back expectations for a rate hike at the Federal Reserve's policy meeting on October 27–28. Following dovish remarks from Fed Chair Jerome Powell, the probability of a rate increase has fallen from around 27% to below 15%.
Trump: Will not use nuclear weapons against Iran, and will not deploy ground troops in Iran.
According to CCTV's International News, in an interview aired on the evening of October 15 local time, U.S. President Trump, when asked whether he would use the "mother of all bombs" against Iran, stated, "I will not use nuclear weapons in any action against Iran; we have no need to do so, and the 'mother of all bombs' is not a nuclear weapon." Trump also said he does not believe ground troops will be deployed to Iran.
Morgan Stanley's Vishal Khanduja: Global AI data center investment is expected to reach US$5 trillion, while bond financing costs face upward pressure.
Vishal Khanduja, Managing Director and Head of the Broad Market Fixed Income Team at Morgan Stanley Investment Management, stated at the Global Wealth Management Forum · 2026 Shanghai Suzhou Bay Conference that, under the baseline scenario, global investment in AI data centers is projected to reach US$5 trillion by 2030. Estimates for AI-related capital expenditures in 2027 have already risen from approximately US$700 billion in 2025 to about US$1.4 trillion, nearly doubling.
Khanduja revealed that the team also estimated off-balance-sheet financing, leasing, and other future payment commitments of major data center operators, totaling approximately $3.4 trillion. He noted that funding needs will be substantial over the next three to five years, debt‑financing costs are rising, and the strength of corporate balance sheets will be a key determinant of their ability to secure financing.
Bessent strikes again: With the aftermath of the August "Treasury yield curve inversion" still lingering, the November refinancing announcement may become the next flashpoint.
As the Treasury prepares to update its debt management plan in November, key clues may emerge on Friday. Traders are closely watching the quarterly funding survey that the U.S. Treasury will send to primary dealers on Friday, seeking to gauge whether Bessent plans to reduce the supply of long-term U.S. Treasuries or further expand repurchase operations in the new round of financing scheduled for release in November. The market's heightened sensitivity stems from an unexpected move by the Treasury in August.
At the time, Bessent suddenly expanded the scale of its repurchase of old bonds, increasing the repurchase quota for U.S. Treasury securities with maturities of 10 to 30 years beyond the normal quarterly financing arrangements. This move was dubbed a "Treasury twist operation" by the market and was widely interpreted as an attempt to ease the pressure caused by rising long-term yields.
South Korean and U.S. financial authorities held a "2+2 meeting."
According to Yonhap News Agency, South Korean Deputy Prime Minister and Minister of Economy and Finance Lee Hyung‑il attended the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB) in Bangkok, Thailand, on the 16th (local time). Together with Bank of Korea Governor Lee Ju‑yeol, he held a quadrilateral meeting with Federal Reserve Chairman Alan Greenspan and U.S. Treasury Under Secretary for International Affairs David M. McCormick. This marked the first time that the finance ministries and central banks of the two countries have convened in such a format. During the talks, participants discussed the recent economic outlook and explored avenues for bilateral economic and financial cooperation.
An official from the Ministry of Finance stated, "This round of talks aims to strengthen policy coordination between the two countries' fiscal and monetary policies," adding, "Its significance lies in establishing a cooperative mechanism that, in the event of external financial shocks, will enable a swifter and more effective response through close collaboration between fiscal and monetary authorities."
Top 20 Stocks by Pre-Market Trading Volume in the U.S. Market
U.S. Stock Market Macro Calendar Reminder
(The following is in Beijing Time)
20:30 U.S. September Import Price Index, month-on-month rate
21:15 U.S. September Industrial Production Month-on-Month Rate
The following day at dawn
01:00 U.S. Total Oil Rig Count for the Week Ending October 16 (Rigs)
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Edited by melody