Storage — Seagate −9.2%, Western Digital −6.9% on a record day for the S&P 500 and the Nasdaq

The Morning 10

Storage — Seagate −9.2%, Western Digital −6.9% on a record day for the S&P 500 and the Nasdaq

1. 1 S&P 500 — record close at 7,818.93, the first since 13 August; Nasdaq at a record for a second day
2. 2 Hard drives — Seagate −9.2%, Western Digital −6.9% on Toshiba's expansion report
3. 3 Asia's memory makers slide — Kioxia −4.5%, SK Hynix −2.5%, Kospi −1.4%
4. 4 Custom chips — Marvell +5.8% after its investor day, Broadcom +3.7%, AMD +2.8% to a record
5. 5 Chip-equipment makers fall again — KLA −4.5%, Lam Research −3.4%, Applied Materials −2.2%
6. 6 Power — Constellation Energy +12.2% after a long power deal with Google
7. 7 Fed minutes at 20:00 CEST — the 10-year eased to 5.27% before them
8. 8 Japan and the rest of Asia — Nikkei −0.5% to 70,303, SoftBank +0.8%; Taiwan +0.2%, Shanghai closed
9. 9 Print Record — Penguin Solutions beats and raises, +5.4% after hours; the window runs to Friday
10. 10 US futures flat; oil funds +0.6–0.8%, gold +0.7%, bitcoin −1.5% to $84,300

The full Morning 10 →

The Midday 10

Stocks — broadly lower after the records: Russell 2000 −1.4%, power and cooling names sold, Penguin +15.3%

• 1 Penguin Solutions +15.3% to $74.03 after a beat and a raised outlook
• 2 Power and cooling sold: Vicor −6.2% to $280.62, nVent −4.7% to $165.58, Vertiv −4.0% to $242.90, Constellation −1.9%
• 3 Broad dip after the records: S&P 500 −0.41% at 7,787, Nasdaq −0.54%, Dow −0.82%, Russell 2000 −1.39%

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Daily Pulse — AI Build-Out — Spotting the 2027 Slowdown

Earnings season starts next week, and the big question is not whether AI is real but when the build-out stops speeding up. Forecasters already expect it: the six biggest cloud spenders are seen lifting capital spending about 50% in 2027, after roughly 85% this year.

The full Pulse →

On the tape

• Euro-AI 50 · 1-month leaders — ATS.VI +28.85% / MTRS.ST -17.69%
• Euro-AI 50 · Daily leaders — NBIS +7.44% / BESI.AS -5.39%
• HALO 100 · 1-month leaders — ILMN +25.35% / RCAT -24.25%
• HALO 100 · 1-month sector leaders — MEDDEV +0.68% / FOOD -9.42%
• HALO 100 · Sector flow — NUCLEAR +4.68% / LONGEVITY -2.14%
• HALO 100 · Daily leaders — UEC +8.13% / ILMN -6.86%
• Rubin 100 · 1-month leaders — GUC +44.40% / WDC -12.07%
• Rubin 100 · 1-month sector leaders — EDA +23.71% / S24 -2.14%