📈 Amazon & Apple Just Saved the Market

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Good Morning & Happy Halloween 🎃 

Today’s edition is packed with market rebounds, global deals, and lessons in patience (both financial and psychological). From Apple and Amazon reigniting Wall Street to Google and Reliance teaming up on AI in India.

Grab you Flat White and let’s get into it! ☕️ 

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Market News

📈 S&P 500, Nasdaq futures rebound after Apple, Amazon earnings rekindle optimism
US stock futures climbed Friday after upbeat earnings from Apple and Amazon lifted sentiment at the end of a crucial week for Big Tech. S&P 500 futures rose 0.7%, while Nasdaq 100 jumped 1.3%, led by Amazon’s 13% surge on blockbuster Q3 results and a 20% AWS revenue spike. Apple shares gained up to 3% on strong earnings and holiday guidance. Netflix also boosted optimism with news of a 10-for-1 stock split, offsetting Thursday’s sharp tech selloff driven by Meta, Microsoft, and Nvidia declines.

⏸️ U.S. and China Reach Agreement, But Experts Say This Is Just A Pause
The U.S. and China struck a preliminary trade deal Thursday, easing tensions with a one-year truce that cuts U.S. tariffs in exchange for access to China’s rare earth minerals. Beijing agreed to resume soybean purchases and curb fentanyl production, while Washington reduced tariffs to 47% and allowed limited access to U.S. AI chips. The deal pauses a damaging trade war but leaves major disputes unresolved, including issues over TikTok, and transshipment practices.

📉 Gold slips as dollar firms on Fed rate caution
Gold prices slipped 0.3% to $4,011.60 per ounce on Friday as a stronger U.S. dollar weighed on demand amid uncertainty over further Fed rate cuts. Despite the dip, bullion remains up 4% for the month, marking its third straight monthly gain. The Fed’s cautious tone after a 25-basis-point rate cut has lifted the dollar, making gold pricier for holders of other currencies.

🩸 Moderna stock soars after report of potential buyout talks
Moderna (MRNA) shares soared up to 12% Thursday after reports the biotech is in talks with a major pharmaceutical company about a potential partnership or acquisition. The discussions, still in early stages, come as Moderna seeks to diversify beyond its fading COVID-19 vaccine business, which has dragged shares down over 40% in the past year.

🫂 Reddit reports Q3 revenue, daily active users ahead of analyst estimates
Reddit (RDDT) reported Q3 revenue of $585 million, topping Wall Street’s $549 million forecast and marking a 68% year-over-year surge. Daily active users climbed 19% to 116 million, slightly above expectations, though growth continued to slow for a fifth straight quarter. Shares rose 12% premarket Friday after a volatile after-hours reaction to the results.

This week in Tech

🧱 JPMorgan Tokenizes Private-Equity Fund on Its Own Blockchain
JPMorgan has completed a tokenization pilot of a private equity fund on its proprietary blockchain network, according to The Wall Street Journal. The move marks a key step toward on-chain settlement and liquidity for private market assets. The bank plans to launch its “Alternative Investment Fund Tokenization Platform” in 2026, enabling institutional clients to issue and trade private equity, credit, and other non-public assets on-chain.

🔋 Chinese EV giant BYD says Q3 profit down 33%
BYD, China’s largest electric vehicle maker, reported a 33% drop in Q3 profit to 7.8 billion yuan ($1.1 billion) as weak domestic demand and intense price competition pressured margins. Revenue slipped 3% to 195 billion yuan, marking a second straight quarterly decline. Facing a cutthroat home market, BYD is increasingly looking overseas for growth amid rising industry scrutiny and ongoing price wars.

🇨🇳 How China’s AI Efficiency Could Gut the U.S. Economy (podcast)
This week on Prof G Markets, Scott Galloway and Ed Elson explore China’s AI edge and whether it’s enough to challenge U.S. tech giants. They also discuss the rise of private security and potential investment opportunities in the sector. Plus, they unpack rumors that Warner Bros. Discovery could be up for sale, and question if multiple bidders are truly in play.

🇮🇳 The AI race for India heats up
Google has partnered with Mukesh Ambani’s Reliance Industries to bundle its AI Pro subscription with Jio 5G plans at no extra cost, expanding its AI reach in India’s fast-growing market. The offer gives eligible Jio users 18 months of free access to Google’s Gemini 2.5 Pro, AI tools like Nano Banana and Veo 3.1, and 2 TB of cloud storage, a package worth about ₹35,100 ($396). The alliance also deepens Google’s ties with Reliance Cloud, aiming to broaden AI access and local innovation across India.

Invest & Strategies

👀 Why Smart Investors Should Sit Out the AI Arms Race
In his latest Intellectual Investor essay, Vitaliy Katsenelson warns that the current AI boom mirrors the dot-com bubble, fueled by hype, overinvestment, and unsustainable expectations. He argues that while AI’s long-term impact is real, short-term profits are uncertain, with firms like OpenAI, Nvidia, and Oracle engaged in a costly “AI arms race.” His advice to investors: stay humble, stay patient, and don’t feel compelled to play the hardest game in the market.

🩹 How to Endure Suffering to Build Greater Wealth and Resilience
Sam argues that building wealth often comes from purposeful suffering, discipline, delayed gratification, and endurance. He illustrates it by forgoing First Class to invest the ~$1,100 savings in his daughter’s account, turning discomfort into family-focused capital. The piece urges channeling sacrifice toward loved ones or causes, and even suggests fasting as a simple practice to build gratitude, resilience, and thrift.

⚖️ The 60/40 plus portfolio still works
In his latest post on Disciplined Systematic Global Macro Views, the author defends the classic 60/40 stock-bond portfolio, arguing it still offers a balanced foundation despite recent criticism. While bonds have underperformed, the mix provides stability and rebound potential after market shocks. Adding alternative assets can enhance returns without increasing volatility, making the 60/40 model a smart starting point for modern portfolio construction.

⏱️ Trying to Time the Market is Like Playing ‘The Traitors’
After finally watching “The Traitors,” the author draws striking parallels between the show’s misguided reasoning and investor behavior. Contestants confidently make decisions with no real evidence, overestimate their ability to read others, and repeat failed strategies,just as investors often do when predicting market moves. Both settings reveal how overconfidence, storytelling, and noise drive human error far more than logic or skill.