Paul Klein

Semiconductors: Valuations Return to Crisis Levels

Semiconductors, and more broadly everything related to AI infrastructure, had a particularly difficult October. The Philadelphia SOX semiconductor index fell more than 16%, its sharpest correction since last July, returning to test the level reached during the capitulation of Leopold Aschenbrenner's hedge fund in late July. The correction also spread to neoclouds, the new cloud infrastructure providers specializing in AI, with declines of around 30% for CoreWeave and 27% for Nebius during the month.

November 02, 2026 at 07:39 am

Why gold is not rising despite inflation

Since the beginning of the year, gold prices have fallen sharply, despite rising inflationary and geopolitical tensions, a reaction that may appear paradoxical for an asset traditionally viewed as a safe haven and a hedge against inflation.

October 30, 2026 at 07:49 am

Fed leaves rates unchanged, but adopts a more wait-and-see tone

The US Federal Reserve left its policy rates unchanged Wednesday in a range of 3.75% to 4%, after raising them by 25 basis points in September, a widely expected decision just days before the midterm elections. The move was not unanimous, however, as Lisa Cook and Beth Hammack voted in favor of another quarter-point increase, while the committee's 10 other members preferred to hold off.

October 29, 2026 at 08:02 am

Visa: Payments Resist, But Commercial Incentives Soar

Despite results that topped expectations, Visa shares fell nearly 2% in after-hours trading, with investors seemingly expecting more from the US electronic payments giant. Q4 revenue rose 13% y-o-y to $12.14bn, versus the $12.09bn expected, while adjusted EPS increased 17% to $3.48, also beating the consensus estimate of $3.439.

October 28, 2026 at 08:53 am

Centene: Profits Recover, but fewer Insured Clients

After a particularly volatile reaction to the release of its results, Centene is now up about 2% on Wall Street. The US health insurer, which specializes in the public Medicaid and Medicare programs as well as subsidized Obamacare plans, widely exceeded expectations in Q3, confirming that its profitability is recovering faster than anticipated.

October 28, 2026 at 07:59 am

Seagate continues to benefit from strong AI-driven momentum

Seagate Technology has reported much higher quarterly results, supported by the growth of artificial intelligence infrastructure and rising data-storage needs. The US hard-drive maker beat analysts' expectations and provided a better-than-expected outlook, although its stock fell sharply after trading on Wall Street, despite a gain of nearly 150% YTD.

October 28, 2026 at 07:38 am

Brazil: The reasons behind the 20% plunge

President Lula's reelection came as a huge surprise to market operators, who had largely positioned themselves for a victory by Flávio Bolsonaro after his unexpected lead in the first round of the election at the beginning of the month. The Ibovespa had then surged by around 8%, while the real appreciated by 4% and bond yields fell sharply, as investors anticipated a more restrictive fiscal policy.

October 27, 2026 at 08:24 am

Bloom Energy: spectacular results, but the market wants more

Despite results that far exceeded expectations and another increase to its guidance, Bloom Energy plunged 13% the day after its report. The California-based fuel cell maker, which is benefiting from surging electricity demand from data centers, nevertheless posted spectacular 138% revenue growth in Q3, to $1.24bn, versus the $1.07bn expected. Adjusted EPS came to $0.94, versus the $0.69 forecast.

October 26, 2026 at 07:53 am

Western Digital: profits soar, but Wall Street remains unmoved

Western Digital comfortably exceeded expectations in Q1 2027, benefiting from sustained demand from cloud giants for its high-capacity hard drives. The US data storage specialist reported revenue of $4.38bn, up 55% y-o-y, compared with the $4.14bn expected, while adjusted EPS jumped 161% to $4.64, versus the $4.11 anticipated. Despite these results, the stock was pretty flat in after-hours trading.

October 23, 2026 at 07:57 am

Meta delivers strong Q3 results and bets billions on AI

Meta Platforms yesterday posted Q3 revenue of $64.60bn, up 26% y-o-y and above the $63.37bn expected by analysts. Adjusted EPS came to $3.83, but reached $7.40 excluding legal expenses, well above the $5.75 consensus estimate. The strong performance was driven in part by the company's advances in artificial intelligence, marked by the launch of the Muse assistant in September, followed by the Muse Wonder model in October. Backed by Facebook and Instagram's powerful distribution reach, these innovations boosted investor optimism. Meta shares rose 2.91% in after-hours trading on Wall Street, to $717.83. The stock is up nearly 4% in extended trading.

October 22, 2026 at 08:58 am

Tesla: Margins Recover, but the AI Bill Continues to Rise

US electric vehicle maker and energy storage specialist Tesla delivered a mixed quarter, with profitability better than expected but sales still struggling to recover. Q3 revenue was flat at $28.05bn, virtually in line with the $28.06bn expected, while adjusted EPS reached $0.48, versus the $0.449 anticipated. The stock edged higher after the close.

October 22, 2026 at 08:49 am

CME Group Benefits From Market Turmoil and Beats Expectations

US derivatives market giant CME Group, which operates the Chicago and New York exchanges, among others, reported better-than-expected Q3 results, benefiting from market volatility and investors' growing hedging needs. Revenue rose 13% y-o-y to $1.74bn, versus the $1.71bn expected, while adjusted EPS increased 13% to $3.02, slightly exceeding the consensus estimate of $2.99.

October 22, 2026 at 08:23 am

Intuitive Surgical: Stock Plunges 7% After Company Narrows Growth Outlook

Although Intuitive Surgical beat expectations, its stock fell about 7% in after-hours trading. In the third quarter, the California-based robotic-assisted surgery specialist generated $3.05bn in revenue, up 22% year over year, while adjusted EPS rose 25% to $3, versus the $2.65 expected.

October 21, 2026 at 09:06 am

Meta: Ad Growth and the AI Bill Under Scrutiny

Meta will publish its Q3 results on Wednesday, October 21, after trading on Wall Street. Analysts expect revenue of between $63.3bn and $63.4bn, representing y-o-y growth of around 24%, following 28% in the previous quarter, with EPS of $6.64.

October 21, 2026 at 07:52 am

SpaceX: after billions spent on AI, time for the first reckoning

For its second report since going public, SpaceX is expected to post spectacular growth Tuesday, but the market's reaction will depend above all on its ability to show that its investments in artificial intelligence are beginning to generate revenue commensurate with the sums committed.

October 20, 2026 at 08:29 am

Interactive Brokers continues to attract clients, but trading activity slows

The US online broker Interactive Brokers, known for its competitive pricing and trading platforms aimed at both retail and institutional investors, has reported slightly better-than-expected Q3 results, with adjusted revenue of $1.87bn, up 16% y-o-y, versus the $1.86bn expected. Adjusted EPS came to $0.67, almost exactly in line with the consensus of $0.668. The stock was fairly flat after the close.

October 16, 2026 at 08:56 am

The American consumer is resisting better than concerns about purchasing power suggest

While doubts about the purchasing power of US households regularly fuel the prospect of a slowdown, third-quarter results from the four major banks paint a much more reassuring picture, with card spending up 8% to 13% year over year, depending on the bank.

October 16, 2026 at 07:55 am

A 5% inflation before a return to the 2% target?

In the United States, the prospect of a rapid return of inflation to 2% appears increasingly unrealistic. In September, consumer prices surprised consensus to the upside, rising 0.65% month over month and 3.7% y-o-y, while core inflation increased 0.34%, compared with the 0.22% expected. Admittedly, energy accounts for a large part of the overall acceleration, but inflationary pressures also appear to be spreading to the rest of the economy, with more than half of the CPI subcomponents showing an increase of over 3% y-o-y.

October 15, 2026 at 08:57 am

Memory giants plunge on Chinese CXMT's technological advances

Memory makers came under pressure Monday after Chinese company ChangXin Memory Technologies (CXMT) announced a technological breakthrough that could intensify competition in a market currently dominated by three players. Samsung Electronics and SK Hynix fell 4.4% and 4.5%, respectively, in Seoul, while US-based Micron was down about 4% on Wall Street.

October 13, 2026 at 07:41 am

Brazil's Stock Market Anticipates Its Liberal Revolution

Brazilian financial markets soared Monday after Senator Flavio Bolsonaro outperformed expectations in the first round of the presidential election. The son of former leader Jair Bolsonaro narrowly edged out incumbent President Luiz Inacio Lula da Silva, while polls had pointed to the opposite result.

October 12, 2026 at 08:49 am

OpenAI: $20bn gap in revenue depending on the scope used

As OpenAI seeks to persuade investors to fund its increasingly costly ambitions in artificial intelligence, its revenue would be significantly below figures recently cited. According to financial documents reviewed by the Financial Times, the creator of ChatGPT reported annualized revenue of nearly $50bn at the end of September, compared with the $70bn previously reported, a gap of nearly 30%.

October 09, 2026 at 08:28 am