1. Alphabet Q3 results were better than expected

• Revenue +15% Y/Y to $88.3B ($2.0B beat)

• Operating margin 32% (+4pp Y/Y)

• EPS $2.12 ($0.27 beat)

2. The "Euphoriameter" - a combination of valuation, volatility, and sentiment—is at all-time highs.

3. The weak job openings report adds to evidence of a slowing labor market

U.S. Job openings in September tumbled by 418,000 to 7.443 million. That was the lowest since February 2021.

4. Goldman Sachs: “We Forecast the Gold Price to Rise About 10% to $3,000 by December 2025”

5. When Musk talks, we’re listening…and he just dropped a ton of info.

Announces plans to launch starships to Mars within 2 years.

He expects unsupervised self-driving in the US next year.

Envisions solar as the primary energy source long-term.

Predicts at least 10 billion (???) humanoid robots by 2040, priced at $25k.

Watch the video. Science fiction becomes reality.

6. So everybody is asking where will the next wave of chip demand come from?

Nvidia’s CEO, Jensen, highlighted a paradigm shift at a Stanford keynote this summer:

"Today, we learn and apply (train => inference); in the future, we will have continuous learning."

7. The number of China’s dollar billionaires has fallen by more than a third in the past 3 years.

Government crackdowns, weakness in parts of the economy and depressed equity markets take their toll.

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