🐺 Mega-cap Earnings Recap

Before we dive in, here’s what’s driving sentiment: the market extends its multi-month winning streak, mega-caps reaffirm massive spending plans for 2025-2026, and the next phase of earnings season could decide how long the rally lasts.

The S&P 500 just notched its sixth straight green month, the longest run since 2021. October is up 2.27%, adding to what’s now a 16%+ YTD gain.

Volatility remains elevated, but the trend is intact… investors keep buying dips as liquidity expectations rise. The shortage of AI compute capacity has been a quiet driver too, lifting valuations for hyperscalers. That shortage is bullish for AWS, Google Cloud, and Azure, which can charge more for every incremental unit of compute.

It also spills over into tokenized asset platforms, where real-world assets and digital infrastructure are converging. One emerging player, Jarsy, tokenizes private-company equity and opens pre-IPO access to retail investors… bridging traditional finance and blockchain rails. Download their app here.

The hyperscalers made one thing clear: 2025 will be another record year for AI infrastructure spend. Here’s what each is expected to invest:

That’s over $370B in expected combined CapEx… a historic figure that reaffirms the scale of the AI build-out. The second wave of hyperscaler investment isn’t about starting new projects; it’s about deepening infrastructure dominance.

Mega-cap earnings may be behind us, but the story isn’t over. Next week brings reports from Palantir, Robinhood, Hims & Hers, and Applovin a mix that will test whether strength broadens beyond the leaders.

Tech has carried the market to record highs, but this next stretch decides if the rally becomes more inclusive, or if the mega-cap era continues to dominate.

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Have a great weekend!

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