Theo Ledger

£0 → £40k/month, in public. Tesla, chips, the AI money story. ARK's trades as data, not gospel.

[Theo Ledger @theoledgers]

A bedtime story that remembers your child.

Set it up once. Every night, an original story lands in your inbox - starring your child, their toys, their world - and each one picks up where the last left off.

No app. No screen. Nothing to invent at 7pm when you're already tired.

You can drop a quick note ("nervous about starting school", "best friends with her bunny right now") and tomorrow's story quietly weaves it in. Feelings get named, courage comes in small steps, and every story winds down to a soft goodnight - never a cliffhanger.

Made by a dad who already does this every night for his own daughter.

→ https://t.co/zqXU6weEvd

[Theo Ledger @theoledgers]

@garyblack00 If 90% of rides are two persons or less then why solve for the 10%. The Model Y will do that?

[Theo Ledger @theoledgers]

Elon Musk to Ron Baron: $SPCX SpaceX is tracking to an annual revenue rate above $100 billion in December.

• "Unless there's some sort of natural disaster or something, we will meet that target."
• Says ARR in December next year will "exceed $500 billion"
• "This is not a promise... This is my best guess."
• A trillion is "no longer out of the question", maybe 2%

Source: Baron Capital, 33rd Annual Baron Investment Conference, 6 Nov 2026
https://t.co/YJLp6ghCjz

[Theo Ledger @theoledgers]

ARK daily trades - 06 Nov 2026 (Whalefilings combined/trades):

Largest prints on screen:
• ARKK BUY $NTRA $14.0M
• ARKG SELL $CDNA $8.7M
• ARKG BUY $NTRA $4.8M
• ARKK BUY $KTOS $2.8M
• ARKK SELL $AVGO $2.4M
• ARKK SELL $CRWV $2.2M
• ARKQ SELL $BYDDY $1.7M
• ARKK SELL $BLSH $1.7M
• ARKK BUY $GOOG $1.6M
• ARKQ BUY $KTOS $1.5M
• ARKK SELL $TER $1.1M
• ARKW BUY $CBRS $1.0M
• ARKG BUY $TEM $0.9M
• ARKW SELL $BLSH $0.8M
• ARKK BUY $TXG $0.8M

$NTRA bought in ARKK and ARKG, $18.8M combined; $KTOS bought in ARKK, ARKQ and ARKX, $4.6M combined.

Source (on-screen market values): https://t.co/edAfBDbdOd

[Theo Ledger @theoledgers]

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:

1. The AI trade got a partial bounce, not a reversal. The Nasdaq rose 1.09% to 24,579, the S&P 500 added 0.31% to 7,376.86 and the Dow slipped 0.46%. The S&P 500 still lost 2.7% on the week, its worst week since early April 2025, and all three indexes logged a fourth straight weekly loss.

2. Chips led. The SOX rose 4.2% after Thursday's 12% plunge, its worst day since 2020. $NVDA gained 2.8%, $MU 5.1%, $INTC 7.7% and $LRCX 8.2%. The iShares semiconductor ETF recovered only about a quarter of Thursday's drop, so this was relief, not repair.

3. $AMD jumped 11% to $449.04 after falling 17.3% on Thursday. Buyers went back to the quarter: record $13.4B revenue (up 45%), data centre roughly doubling to $8.5B, and Q4 guided to about $17B. Lisa Su said demand still exceeds supply, and $MS Morgan Stanley raised its target.

4. $TSM rose 6.3% to $375.44 after Taiwan's regulator moved to curb short selling following a brutal Taipei session. From 9 Nov, intraday short sales are capped at 3% of 30-day average volume, down from 30%, and a NT$500B stabilisation fund is on standby. Curbs slow selling; they do not change demand.

5. $IREN jumped 20% after its fiscal Q1 beat. Revenue was $228M, AI Cloud nearly tripled to $200M at an 86% gross margin, and backlog rose 22% to $20.3B. The catch: its $4B+ ARR target slipped to January or February after a $MSFT Microsoft-requested network upgrade in Texas. Neocloud peers $NBIS (+7.6%) and $CRWV (+6.3%) followed.

6. $NET Cloudflare closed up 9.9% after an earnings beat, having been up as much as 20% in the morning. Fading half the move into the close says a lot about how nervous AI buyers still are.

7. $COHR Coherent rose 13.6% after $C Citi lifted its target to $440 from $420, a day after a 14% post-earnings drop. Optics peers $LITE (+5.7%), $CRDO (+7.3%) and $MRVL (+5.7%) bounced with it. The Street is split: $BAC BofA cut its target to $240 on negative operating cash flow.

8. $VST Vistra rose 10.6% after Q3 adjusted EBITDA of $2.38B (from $1.58B), 2027 EBITDA guidance of $7.7B to $8.5B and another $1.5B buyback. Data centre power had been sold hard on post-midterm permitting fears. Thursday's question was demand; Friday's answer was contracts.

9. $SPCX SpaceX rose 8.6% to $134.27, back near its $135 IPO price, and $TSLA added 4.2%. Musk said government contracts should fall below 10% of Q4 revenue and floated an annualised revenue run rate above $500B by end 2027. Anthropic was 34.5% of Q3 revenue, which is its own concentration risk.

10. Rates moved the wrong way for long duration tech. Payrolls rose 165,000 in October against roughly 59,000 expected and unemployment fell to 4.1%. The 10-year yield rose to 4.858% and Oxford Economics now expects Fed hikes in December and March.

Strong jobs, higher yields and a chip bounce that faded into the close. The weekend gets to decide which one mattered.

[Theo Ledger @theoledgers]

ARK daily trades - 05 Nov 2026 (Whalefilings combined/trades):

Largest prints on screen:
• ARKK SELL $AVGO $100.2M
• ARKK BUY $NVDA $41.8M
• ARKK BUY $SPCX $32.2M
• ARKK SELL $TER $31.2M
• ARKK BUY $AMD $17.2M
• ARKK SELL $CRWV $13.5M
• ARKK BUY $GOOG $11.8M
• ARKK BUY $CBRS $10.7M
• ARKQ SELL $AVGO $10.1M
• ARKQ BUY $SPCX $9.6M
• ARKG SELL $LLY $7.9M
• ARKK BUY $VCYT $7.9M
• ARKK BUY $RKLB $7.6M
• ARKW BUY $SPCX $5.6M
• ARKW SELL $AVGO $5.5M

$AVGO sold in ARKK, ARKQ and ARKW, $115.7M combined; $SPCX bought in all three, $47.4M combined.

Source (on-screen market values): https://t.co/edAfBDbdOd

[Theo Ledger @theoledgers]

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:

1. The post-election bounce reversed hard. The Nasdaq fell 5.52% to 24,315 and closed in correction territory (over 10% below its 6 Oct high), the S&P 500 dropped 4.36% to 7,353.73, and the Dow lost 1,833 points or 3.44% to 51,523.06, all their steepest one-day declines since 4 Apr 2025. The VIX jumped 69.7% to 28.18. Wednesday's relief rally was more than erased.

2. Semiconductors led the wipeout. The SOX plunged 12.25% to 9,011.14, its worst day since 16 Mar 2020 and a seven-month closing low. $AMD fell 17.3% to $404.40, $MU Micron 17.5% to $656.39, $AVGO Broadcom 10.4%, $TSM TSMC 10.8%, $AMAT Applied Materials 13.6% and $LRCX Lam Research 16.4%. Storage was worse: $SNDK SanDisk down 22.3%, $WDC Western Digital 17.4% and $STX Seagate 16.3%.

3. $NVDA Nvidia closed at $181.60, down 9.26%, and turned negative on the year. The market-cap loss was above $440B, and the Magnificent Seven shed more than $1T combined. Peter Boockvar of OnePoint BFG said the technology keeps developing, but stocks trade the buildout: if buildings and infrastructure slow, that is what prices.

4. Midterm politics sat under the tape. Texas, Ohio and Georgia flipped toward Democrats in races that matter for data-centre permitting, and 41 local measures restricting data centres were on ballots with only one win for the industry. $META Meta president Dina Powell McCormick told the Wall Street Journal Tech conference that building data centres is "going to be harder" after the elections.

5. $QCOM Qualcomm fell 9.5% to $156.75 after Wednesday's report. Adjusted EPS of $2.17 beat $2.16 and revenue of $10.44B beat, but handset revenue fell 26% to $5.14B and the Q1 EPS guide of $2.15 to $2.35 straddled the Street midpoint. CEO Cristiano Amon said the issue is supply, not demand, as memory costs squeeze handsets.

6. $ARM Arm closed down 13.1% at $166.72. Fiscal Q2 revenue of $1.44B and EPS of $0.52 beat, but royalties of $670M missed about $721M and the Q3 revenue guide of $1.54B was barely above the $1.53B consensus. Licensing carried the beat; royalties, the cleaner demand signal, did not.

7. Memory and AI suppliers priced a slower 2027 build. $DELL Dell fell 14.9%, $MRVL Marvell 16.4%, $ANET Arista 10.8%, $ASML 9.3% and $INTC Intel 10.3%. Hyperscalers held up better: $AAPL Apple down 1.5%, $GOOG Alphabet 1.9%, $AMZN Amazon 2.2%, $MSFT Microsoft 3.6% and $META 4.0%. Spenders over builders again, only with both red.

8. Neoclouds took another hit. $IREN fell 17.0% to $18.03 after reports that its Childress, Texas site for $MSFT slipped as Microsoft sought network-design changes for newer models. $CRWV CoreWeave dropped 9.8% and $NBIS Nebius 14.9%. $TSLA Tesla fell 10.8% to $343.69 and $SPCX SpaceX 9.1% to $123.62, both still digesting Musk's midterm setback.

9. $APP AppLovin was the rare green print, up 31.0% to $356.10. Q3 revenue hit $2.18B vs about $2.07B expected, diluted EPS $4.30 vs $4.04, and the Q4 revenue guide of $2.365B to $2.395B cleared the $2.25B consensus, with the buyback authorisation lifted to $3.6B. Ad AI that does not need a new power plant still got paid.

The builders got the invoice. The spenders got a smaller one.

[Theo Ledger @theoledgers]

ARK daily trades - 30 Oct 2026 (Whalefilings combined/trades):

Largest prints on screen:
• ARKK SELL $LLY $26.5M
• ARKK BUY $ILMN $10.7M
• ARKK BUY $TEM $7.1M
• ARKG BUY $TEM $4.4M
• ARKG SELL $CDNA $4.4M
• ARKK BUY $CRCL $4.1M
• ARKK BUY $COIN $4.1M
• ARKK SELL $BLSH $2.9M
• ARKW SELL $BLSH $1.5M
• ARKF SELL $BLSH $1.3M
• ARKW BUY $CRCL $1.1M
• ARKW BUY $COIN $1.1M
• ARKF BUY $HOOD $1.0M
• ARKK BUY $PACB $908.3K
• ARKG BUY $ARCT $722.1K

$COIN and $CRCL bought in ARKK, ARKW and ARKF, $5.7M and $5.6M combined.

Source (on-screen market values): https://t.co/edAfBDbdOd

[Theo Ledger @theoledgers]

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:

1. $INTC Intel fell 28.58%, its worst day since 1974. Thursday's Q4 guide of $15B to $16B revenue and 25 cents EPS sat well below the $17.1B and 43 cents expected, and Intel said it will not be cash flow positive this year. The cost of insuring its debt hit a record and the US government's 10% stake lost about $12B in value.

2. The Intel warning became a chip rout. The semiconductor index fell 7.2%, its biggest drop since late June, leaving it down more than 15% for October. $AMD AMD -10.88%, $QCOM Qualcomm -11.12%, $ARM Arm -9.97%, $AVGO Broadcom -5.48% and $NVDA Nvidia -4.22%, with Arm reporting on 4 November.

3. Equipment did not escape. $AMAT Applied Materials -7.49%, $ASML ASML -6.55%, $LRCX Lam Research -6.01% and $KLAC KLA -5.69%, handing back Thursday's post earnings gain, on fears chipmakers trim spending as PCs slow.

4. Memory sold off despite strong numbers. $SNDK Sandisk fell 13.47% a day after reporting $11.03B of revenue and an eight for one split, as Kioxia said NAND price rises slowed to the mid 20% range from 70%. $MU Micron -5.30%, $STX Seagate -7.98%, $WDC Western Digital -7.41%.

5. $AMZN Amazon pared an after hours slide to close 1.41% lower. Q3 capex of $77.26B came in about $20B above estimates, and Andy Jassy said 2027 spending will be "meaningfully more" than this year's $220B. $GOOGL Alphabet -1.40%, $MSFT Microsoft -1.55% and $META Meta -1.53% added to the week's losses.

6. Servers took the hardware hit. $DELL Dell fell 10.77% and $SMCI Super Micro 4.30%, as Intel's warning raised concerns for device makers squeezed by soaring memory prices.

7. $RDDT Reddit fell 29.22%, its worst day since listing in 2024. Q4 revenue guidance of $1.00B to $1.03B missed the $1.05B expected, and Reddit warned daily users could fall by a low double digit percentage as Google's AI answers cut more than a million search referrals a week.

8. AI infrastructure names outside chips fell too: $CRWV CoreWeave -9.66%, $NBIS Nebius -10.38% and $COHR Coherent -11.34%. The iShares semiconductor ETF is now 29% off its high, and options traders have flipped from buying upside calls to downside puts over the last three days.

9. Bonds were the shelter. The 10 year yield slipped to about 4.93% and was heading for its biggest monthly drop in nearly three years as money left tech. The Nasdaq fell 2.86% and the S&P 500 1.82%, its worst day since June.

10. Crypto stocks slid after reports that hackers stole $6.3B from Binance. $COIN Coinbase -10.62%, $MSTR Strategy -7.84% and $HOOD Robinhood -7.21%, with $BTC Bitcoin near $77,000.

October asked the AI trade for a receipt, and Intel handed over an invoice.

[Theo Ledger @theoledgers]

@robotaxi Great move

[Theo Ledger @theoledgers]

ARK daily trades - 29 Oct 2026 (Whalefilings combined/trades):

Largest prints on screen:
• ARKK BUY $CBRS $3.0M
• ARKW BUY $CBRS $1.8M
• ARKG BUY $BEAM $1.0M
• ARKQ BUY $JOBY $923.8K
• ARKK SELL $TEM $531.9K
• ARKK SELL $TXG $525.8K
• ARKX BUY $JOBY $427.7K
• ARKG BUY $ARCT $232.5K
�� ARKQ BUY $KDK $188.4K
• ARKW SELL $CRWD $145.8K
• ARKW SELL $RBRK $90.9K
• ARKW SELL $NET $48.6K

$CBRS bought in ARKK and ARKW, $4.8M combined.

Source (on-screen market values): https://t.co/edAfBDbdOd

[Theo Ledger @theoledgers]

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:

1. $GOOGL Alphabet fell 12.64%, its worst day since listing in 2004, wiping out roughly $500B in value. The cash reaction punished negative free cash flow of $9.07B against about $2.7B expected and a search miss, while capex guidance stayed at $195B to $205B. The Nasdaq lost 1.38% and the S&P 500 0.30%, while the Russell 2000 rose 1.01%.

2. $MSFT Microsoft gave back its after-hours pop and closed 0.16% lower despite Azure growing 48%. Neoclouds took the funding worry instead: $CRWV CoreWeave -4.99% and $NBIS Nebius -5.68%, with CoreWeave's bond yields surging and the stock down 30% in October.

3. $AMZN Amazon closed 4.25% lower, then fell about 6% after hours on a narrow miss: EPS $1.89 versus $1.96 and revenue $201.94B versus $202.31B. AWS grew 39.3% to $46.0B, its fastest in nearly five years, with a $578B backlog, but free cash flow was negative $42.4B and 2026 capex stays near $220B.

4. $INTC Intel dropped about 23% after hours. Q3 revenue rose 21% to $16.51B, but Q4 guidance of $15B to $16B and 25 cents EPS sits well below the $17.07B and 43 cents expected, with PC chip revenue seen down in the mid 20% range. Intel blamed supply shortages, the memory crunch and the Kiryat Gat factory explosion, and said it will not be cash flow positive this year.

5. Software had a brutal day. $NOW ServiceNow fell 26.95%, its biggest drop on record, as a profit miss outweighed a subscription guidance raise. $FTNT Fortinet lost 20.09% after slower product growth, a cut service revenue forecast and a BofA downgrade. $CRM Salesforce fell 4.63% in sympathy.

6. $MRVL Marvell fell 13.24% on a report it is in advanced talks to buy $LITE Lumentum, likely in stock, though nothing is agreed. Lumentum is worth about $85B against Marvell's roughly $196B, so dilution was the worry, and Marvell also wore the Alphabet read across as a TPU supplier. Lumentum closed up 0.61%.

7. Memory cooled. Samsung posted record operating profit of 107.4T won but net profit missed consensus, and the selloff spread to $MU Micron -4.98% and $SNDK Sandisk -5.32%. After the bell Sandisk reported revenue of $11.03B, up 378% on the year, guided to $12.2B to $12.6B and announced an eight for one split, yet still slipped about 3%.

8. $KLAC KLA rose 5.45% after beating with revenue of $4.14B and guiding next quarter to $4.7B, ahead of estimates. Chip equipment held up while chip designers sold off.

9. Inflation ran hotter. September PCE rose 3.6% on the year and core 3.1%, while Q3 GDP grew at a 3.4% annualised rate. The 10 year yield still slipped back to about 4.99%.

10. Crypto took a hit after Binance said a security incident had an estimated $6.3B impact and pledged to cover losses. $BTC Bitcoin fell below $78,000, and $CRCL Circle said it froze more than $800M of its stablecoin linked to the incident.

Three clouds accelerated this week, and the market only wanted to talk about the cheques.

[Theo Ledger @theoledgers]

ARK daily trades - 28 Oct 2026 (Whalefilings combined/trades):

Largest prints on screen:
• ARKK BUY $TER $16.0M
• ARKK SELL $TWST $7.0M
• ARKK BUY $HOOD $6.1M
• ARKQ BUY $TER $4.6M
• ARKK SELL $TEM $4.3M
• ARKK SELL $TXG $3.9M
• ARKQ SELL $TSM $3.3M
• ARKK BUY $CBRS $3.0M
• ARKQ BUY $ACHR $2.8M
• ARKQ SELL $AMD $2.4M
• ARKQ BUY $JOBY $2.2M
• ARKX BUY $TER $1.8M
• ARKW BUY $HOOD $1.5M
• ARKW BUY $CBRS $1.5M
• ARKX SELL $TSM $1.4M

$TER bought in ARKK, ARKQ and ARKX, $22.3M combined.

Source (on-screen market values): https://t.co/edAfBDbdOd

[Theo Ledger @theoledgers]

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:

1. The Fed held at 3.75% to 4% in a 10-2 vote, with Lisa Cook and Beth Hammack dissenting for a hike, and upgraded the economy to "strong". The 2-year yield slipped but the 10-year rose about 5bp to 5.04%, its biggest gain in a month. Long rates are the bill for debt-funded AI capex, and they went up.

2. $MSFT Microsoft beat after the bell: revenue $92.3B, up 19%, Azure up 48% to $33.17B and commercial RPO up 73% to $677B. Capex including leases was $39.4B, below the $45.9B expected, and Azure is guided to 49% to 50% growth with demand still exceeding supply. Shares rose about 4% after hours.

3. $GOOGL Alphabet went the other way, down about 10% after hours. Google Cloud revenue rose 103% to $30.7B with a $561B backlog, but search revenue of $63.35B missed and free cash flow was negative $9.07B, partly from TPU inventory and a $5.2B EU fine. Earlier it closed +1.34% on a report that OpenAI plans to buy Google's TPUs.

4. $ORCL Oracle +10.73% after its investor day. It targets FY2030 revenue above $225B, positive free cash flow in the second half of FY2028 and caps new outside funding at $20B through FY2030. Neoclouds rode the relief: $CRWV CoreWeave +7.32%, $NBIS Nebius +6.96%.

5. Memory had a big day. SK hynix posted record operating profit of 83.3T won, more than sevenfold year on year, at an 80% margin, and said demand will exceed supply through 2030. Its ADR $SKHY rose 13.30%, $MU Micron +5.86%, $SNDK Sandisk +7.66%. More than half of its 2027 to 2028 capacity is already under long-term contracts.

6. $VRT Vertiv +16.48%. Q3 sales rose 61% to $4.31B against $3.76B expected, organic orders more than doubled and full-year sales guidance rose by $650M. The power and cooling layer is still being ordered faster than it ships.

7. $NVDA Nvidia fell 1.17% after a report that the DOJ has asked how its $12.93B Hugging Face deal would affect AI competition, alongside its wider conduct probe. Nvidia declined to comment.

8. $CBRS Cerebras fell 5.66%, a day after the Oracle tie-up. Culper Research disclosed a short, alleging its wafer-scale chips last only 1.5 to 2.5 years in the field, and about 19.4M shares came out of lockup.

9. Software and security got hit. $NOW ServiceNow fell about 15% and $FTNT Fortinet about 25% after hours on a small EPS miss and a gross margin miss respectively. $FFIV F5 had already dropped 20.43% in the session on guidance and a Piper Sandler downgrade.

10. Still to come this week: $AMZN Amazon and $INTC Intel report, and September PCE lands Thursday.

Two hyperscalers reported the same AI boom and the after-hours tape picked a favourite.

[Theo Ledger @theoledgers]

ARK daily trades - 27 Oct 2026 (Whalefilings combined/trades):

Largest prints on screen:
• ARKQ SELL $AMD $10.9M
• ARKQ SELL $TSM $7.0M
• ARKQ BUY $AVAV $6.5M
• ARKX SELL $AMD $5.1M
• ARKQ BUY $KTOS $3.7M
• ARKX SELL $TSM $3.4M
• ARKX BUY $AVAV $3.2M
• ARKQ BUY $JOBY $2.9M
• ARKW BUY $CRCL $2.5M
• ARKG BUY $BEAM $2.0M
• ARKX BUY $KTOS $1.9M
• ARKQ BUY $ACHR $1.5M

$AMD sold in ARKQ and ARKX, $16.0M combined.

Source (on-screen market values): https://t.co/edAfBDbdOd

[Theo Ledger @theoledgers]

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:

1. $AVGO Broadcom +4.00% after Bank of America, Blackstone, Citi and Morgan Stanley lined up $63B through a new SPV to buy Broadcom accelerators and networking gear and lease them to Anthropic, with deliveries from 2027. The catch is in the 8-K: Broadcom provides residual value support with peak exposure of about $43B. The SOX rose 3.6% and the Nasdaq rose 1.18%, its best day in nearly a month.

2. $AMD +5.45% after detailing its Meta partnership: Helios racks are installed and being tested at Meta, Meta will deploy a custom Instinct GPU, and AMD will invest $1B in Meta's equity offering. A supplier buying its customer's stock is becoming a habit.

3. $META fell 1.64% after upsizing that raise to a record $97.5B. The common stock portion grew to $25B priced at $625 a share, alongside $12.5B of mandatory convertible preferred and a $60B at-the-market programme from Q1 2027.

4. $ORCL Oracle +3.55% after AI World. OCI will be the first cloud outside Google to offer $GOOGL TPUs from 2027, will expand $NVDA Vera Rubin to multi-gigawatt scale, and will add $CBRS Cerebras inference and OpenAI's Jalapeño chip. Oracle also said it will use its own networking chips on some Nvidia systems. $NVDA +0.90%, $GOOGL +1.19%.

5. Neoclouds bounced hard. $NBIS Nebius +11.22% and $CRWV CoreWeave +7.94%. Nebius reportedly raised about €250M for its planned Lille data centre, days after its CEO said some financing channels had tightened. Funding access, not demand, is what this group trades on now.

6. $TSLA +4.04%, a second straight gain. Latvia became the tenth EU state to approve FSD, and Cybercabs now outnumber Model Ys in the authorised Texas robotaxi fleet.

7. After the bell, $STX Seagate beat: fiscal Q1 revenue $4.233B, adjusted EPS $7.68, and Q2 guidance of $4.8B plus or minus $100M with EPS of $9.20. Shares still fell about 6% after hours. It had closed +3.67%.

8. More chip prints, same reaction. $NXPI NXP fell about 9% after hours on Q4 revenue guidance of $3.85B versus $3.86B expected. $TER Teradyne beat with Q3 revenue of $1.306B, up 70%, and record memory test revenue on AI demand, then fell about 6%. In line is not enough at these prices.

9. $HOOD Robinhood fell almost 5% after hours. Q3 revenue was in line and average revenue per user came in at $200 versus $201.09 expected.

10. The Fed decides Wednesday. CME FedWatch shows about a 10% chance of a hike this week but better than 80% for December; the 10-year sat at 4.99% and the dollar rose for a third day. Then $MSFT and $GOOGL report after the close, $AMZN Thursday.

Broadcom guaranteed the chips, AMD bought the customer's shares, and the market called it a rally.

[Theo Ledger @theoledgers]

ARK daily trades - 26 Oct 2026 (Whalefilings combined/trades):

Largest prints on screen:
• ARKW SELL $ARKB $10.9M
• ARKQ SELL $AMD $9.0M
• ARKQ SELL $TSM $6.3M
• ARKQ BUY $AVAV $4.9M
• ARKW BUY $CRCL $4.2M
• ARKX SELL $AMD $4.1M
• ARKQ BUY $ACHR $3.1M
• ARKX SELL $TSM $3.1M
• ARKX BUY $AVAV $2.5M
• ARKF SELL $ARKB $2.1M
• ARKW BUY $MELI $1.9M
• ARKQ BUY $KTOS $1.7M

$AMD sold in ARKQ and ARKX, $13.2M combined.

Source (on-screen market values): https://t.co/edAfBDbdOd

[Theo Ledger @theoledgers]

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:

1. Anthropic finally filed its S-1 and plans to list on Nasdaq as ANT. First-half revenue was $16.29B versus $1.16B a year earlier, with an operating loss of just $693M; the $80.7B net loss is mostly a $72.4B non-cash charge on convertible notes. The filing lifted AI stocks: S&P 500 +0.70% to 7,676.77, Nasdaq +0.82%.

2. Chips did the heavy lifting. The SOX rose 2.8% but is still down 12.2% on the month. $MU +2.98%, $AMD +2.80%, $NVDA +2.39%, $AVGO +2.33%. A bounce, not yet a repair.

3. $META fell 1.88% after launching a plan to raise up to $95B in equity: about $35B now ($22.5B common, $12.5B mandatory convertible preferred) and a $60B at-the-market programme once Class C shares trade, expected Q1 2027. $NVDA, $AMD and $AVGO expressed interest in up to $5B of the stock. Suppliers funding their biggest customer is exactly the circularity question William Blair flagged.

4. $TSLA +5.21%, its highest close in over three months, after Barclays upgraded to Overweight and lifted its target to $450 from $370. The note calls a potential combination with $SPCX SpaceX a key part of the bull case. $SPCX itself slipped 0.40%.

5. Optics ripped. $LITE Lumentum +8.19% after StoneX initiated at Buy with a $1,200 target, pointing to management's comment that AI optical capacity is sold out through 2029. $COHR Coherent +5.83% in sympathy. Lumentum reports 5 Nov.

6. CPUs are scarce again. $INTC +4.04% after New Street upgraded to Buy with a $125 target, citing server CPU shortages driven by agentic AI; Intel also agreed to buy quantum software firm Classiq. $ARM +6.19% with no company headline, reported as dip buying ahead of its 4 Nov results.

7. $MSFT +1.54% after offering voluntary exit packages to roughly 60,000 eligible staff, with departures effective 31 Dec. It reports Wednesday after the close alongside $GOOGL; its own guide was about 45% constant-currency Azure growth.

8. $VZ Verizon fell 3.49% despite raising full-year guidance and signing a $2B+ deal to supply fibre to $AMZN AWS data centres for AI workloads. Revenue was $34.3B. AI infra money is real; the market still wanted a cleaner top line.

9. After the bell, $CDNS Cadence beat: Q3 revenue $1.633B, adjusted EPS $2.11 versus about $2.04 expected, and full-year revenue guidance raised to $6.387B to $6.417B. Shares were up roughly 2.5% after hours.

10. $MELI MercadoLibre fell about 8% after Lula's re-election in Brazil, its largest market at more than half of revenue, revived fears over rates, the real and fiscal policy.

11. The Fed decides Wednesday. CME FedWatch put only a 12.7% chance on a hike, and the 10-year sat at 4.99%. Then $MSFT and $GOOGL Wednesday, $AMZN Thursday.

Anthropic showed the world its losses and the chip sector celebrated, which tells you most of what you need to know about this market.

[Theo Ledger @theoledgers]

ARK daily trades - 23 Oct 2026 (Whalefilings combined/trades):

Largest prints on screen:
• ARKK SELL $GOOG $19.6M
• ARKW SELL $CRCL $3.3M
• ARKW SELL $GOOG $3.3M
• ARKK SELL $NET $2.8M
• ARKK SELL $PLTR $2.8M
• ARKK SELL $SHOP $2.8M
• ARKG BUY $FRNM $2.2M
• ARKW SELL $PLTR $1.6M
• ARKW SELL $RBLX $1.6M
• ARKW SELL $P $1.6M
• ARKW SELL $XYZ $1.6M
• ARKW SELL $CRWD $823.3K

$GOOG sold in ARKK and ARKW, $22.8M combined.

Source (on-screen market values): https://t.co/edAfBDbdOd

[Theo Ledger @theoledgers]

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:

1. Oil, not AI, ran the tape on Friday. Brent settled at $116.72, its highest since 29 April, after Houthi attacks in Saudi Arabia, and the 10-year yield climbed back to about 4.99%. The Dow fell 1.23% to 52,215.16, the S&P 500 0.52% to 7,623.68 and the Nasdaq only 0.21% to 25,955.34. Both the S&P and Nasdaq closed the week lower.

2. After Thursday's rout, big AI names mostly sat still. $META Meta slipped 0.96% and its five-year credit default swaps came in slightly to 123. Investors are waiting on Anthropic's IPO prospectus, expected in the coming days, and on earnings from $GOOGL Alphabet, $AMZN Amazon and $MSFT Microsoft next week.

3. Chips bounced, gently. The SOX rose 0.44% after Thursday's 6.72% drop, with $MU Micron up 2.46%, $AMD 1.74% and $INTC Intel 1.72%, while $NVDA Nvidia slipped 0.59%. Susquehanna raised its AMD target to $620 from $550 and cut Intel's to $105, saying chip lead times stretched about two weeks for a second straight quarter as AI server demand pulls wafers away from PCs.

4. $BE Bloom Energy fell another 11.24% to $193.30, a day after beating and raising. Revenue rose 138% to $1.24 billion, but free cash flow was about minus $181 million on capex of $153 million, roughly four times last year's pace. BTIG cut its target to $250 from $295 and kept a Buy.

5. The rest of the data centre build-out got the same treatment. $FIX Comfort Systems fell 9.26% even though its backlog rose to $17.8 billion from $14.1 billion a quarter earlier, alongside news its CFO will retire. $CRDO Credo fell 9.51% on worries that a rival could take share in 1.6T cables. Data centre builders are down a median 23% since the S&P's 6 October record.

6. Cybersecurity was the standout group. $CRWD CrowdStrike rose 8.25%, $ZS Zscaler 7.31%, $NET Cloudflare 7.29%, $PANW Palo Alto 7.22% and $OKTA Okta 5.82%. Evercore ISI's channel survey found security budgets firming into year end, and this week's PHP2Shell flaws, found with AI's help, are now seeing widespread exploitation attempts.

7. $SPCX SpaceX rose 1.89% and the phone companies paid for it. SpaceX is in talks to access at least 80,000 US cell sites for a fourth wireless carrier, including with $CCI Crown Castle, which jumped 9.06%. $T AT&T fell 7.96% and $TMUS T-Mobile 7.71%, while Bernstein said the competitive impact "may still be years away."

Bloom and Comfort Systems keep beating and keep falling. Nobody has told the order books.

[Theo Ledger @theoledgers]

ARK daily trades - 22 Oct 2026 (Whalefilings combined/trades):

Largest prints on screen:
• ARKK BUY $META $17.1M
• ARKK SELL $TER $16.7M
• ARKW BUY $META $4.1M
• ARKG BUY $SCTX $1.8M
• ARKF BUY $META $1.8M
• ARKW SELL $XYZ $1.6M
• ARKW SELL $RBLX $1.6M
• ARKF SELL $PLTR $1.4M
• ARKW SELL $SHOP $819.0K
• ARKK BUY $PACB $525.5K
• ARKG BUY $FRNM $474.2K
• ARKG BUY $PACB $194.6K

$META bought in ARKK, ARKW and ARKF, $23.0M combined.

Source (on-screen market values): https://t.co/edAfBDbdOd