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Inflation, war, and rate hikes have all failed to stop U.S. stocks from hitting new highs, and the upside for the S&P 500 has yet to truly unfold.

Amid panic selling that wiped out a trillion dollars from tech stocks in a single week, Jensen Huang pushed back against the pessimistic assumption that "AI compute depends entirely on two labs." He pointed out that one-third of Nvidia's compute is used for traditional computing unrelated to large models, another third flows to the open-source enterprise ecosystem, and frontier model labs account for only 30%.

On a three-year basis, net AI exposure remains in the 83rd percentile, and gross leverage is near a five-year peak — this selloff looks more like a beginning than an end.

In a week when AI stocks had just tumbled sharply and credit market alarms were ringing frequently, what this briefing delivered was not just a set of revenue figures, but a public test of the AI commercialization narrative.

High interest rates are continuing to weigh on consumption and investment, while the AI boom, compounded by high leverage and circular investment, is seen as the most vulnerable potential fracture point under a high-rate environment.

In the third quarter of 2026, the company's net sales reached €11.662 billion, a year-over-year increase of approximately 55%, landing at the high end of its previous guidance range of €11 billion to €12 billion; net profit reached €4.960 billion, up approximately 133% year-over-year; basic earnings per share stood at €12.95, significantly beating market expectations of approximately €10.7.

Inflation resurges, leaving the Fed caught between a rock and a hard place, while Trump's campaign prospects falter.

The AI gamble hits a "money crunch" moment: CoreWeave bond yields surge past 15%, cloud giants may issue over $400 billion in debt next year, competing for funds with nearly $2 trillion in US Treasury deficits. Goldman Sachs warns that runaway financing costs could delay AI infrastructure, with semiconductor orders facing a gap risk in 2027.

TSMC will release its 2026 third-quarter earnings on October 15, with revenue hitting a record high and exceeding the upper end of its guidance. The market is closely watching AI chip demand, 2nm process capacity ramp-up, gross margin stability, as well as fourth-quarter outlook and capital expenditure trends, to assess TSMC's future growth potential and profitability prospects.

The market's core focus is not the model's capabilities themselves, but whether AI technology can truly translate into revenue growth and long-term cash returns.

Uniswap, Aave, Worldcoin, Arbitrum, and other crypto projects have all engaged Trail of Bits for audits.

Dalio believes the US is entering a vicious cycle in which debt expansion and shrinking demand reinforce each other.

The AI rally is not over but may be entering its next phase, with investors more focused on earnings realization rather than pure bets on infrastructure expansion.

AI helped analyze the device and its origins, ultimately identifying the suspect.

Last week, major U.S. stock indices strengthened overall, but chip stocks pulled back, with the market keeping a close eye on the AI supply chain's ability to deliver on earnings. This week (October 12–16), U.S. CPI, PPI, and retail sales data will be released in succession. Combined with earnings from JPMorgan, Goldman Sachs, ASML, and TSMC, these could further shape the market's assessment of inflation, interest rates, and the profit outlook for tech stocks. TSMC's September revenue grew 54.6% year-over-year, and whether AI demand can continue to translate into earnings growth will become a key focus for the market.