Alphabet loses $500bn in market cap in a day as AI answers earn less and search monetization slows.
Palantir's commercial revenue nearly triples to $984m and now exceeds government revenue, up 148% year over year.
Berkshire Hathaway's all-time high signals HALO is back, with Michael Batnick calling rising estimates and falling multiples bullish.
Alphabet's worst day wipes out $500bn
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Alphabet loses $500bn in a single day. Alphabet lost $500bn of market value in a day, now a 30% drawdown, after search and YouTube missed. Michael Batnick says AI threatens search and he will not own it.
Apple's record iPhone quarter meets slowing services. Apple posted a record iPhone quarter, but services growth is slowing and gross margins are falling on memory costs. Josh Brown called the stock reaction an adult reaction, with buyers seeking a data centre hedge.
Palantir's commercial revenue overtakes government. Commercial revenue grew 148% to $984m, overtaking government revenue at $953m, and the rule of 40 score keeps accelerating. The stock still fell 9% after hours.
AMD revenue climbs 45% on data centre demand. Third-quarter revenue rose 45% year over year with $5bn of data centre revenue, and the stock gained 9% after hours. Michael Batnick notes the SMH closed below its 200-day moving average.
Memory prices drive capex higher across hyperscalers. Tim Cook called rising memory prices a hundred-year flood. Amazon spends 37% of revenue on capital expenditure and Meta 54%. Apple is expected to spend $25bn on flash storage this year against $6bn a year earlier.
HALO is back as Berkshire hits a record. Michael Batnick says HALO is back and points to Berkshire Hathaway at an all-time high, with estimates rising and multiples falling against a wall of worry. His mystery chart shows value beating growth by the most since 1993.
Tech drawdowns broaden beyond the mega caps. 93% of tech stocks had a 20% drawdown in 2026, against two thirds of the index, and equal weight beat the top 20 mega caps by the widest margin since 2009.
Investors pile into CoreWeave put protection. Investors are racing to insure AI bets, with about 800,000 CoreWeave put contracts traded over two weeks, per the Wall Street Journal. Josh Brown says that is not what you see at a bubble top.
Hyperliquid prices Anthropic at $1.77tn. Hyperliquid pegs Anthropic at a $1.77tn valuation and OpenAI at $1.4tn. Michael Batnick says prediction markets were accurate on SpaceX and Cerebras, and professionals rather than amateurs trade these contracts.
Toast nears doubled earnings per share. Toast is nearly doubling GAAP earnings per share, at a $2.5bn quarterly recurring revenue run rate across 189,000 locations. Josh Brown says the market cap is too small and he remains long.
Uber stumbles again into earnings. Uber has fallen in six of the last seven earnings reports, and Josh Brown says Dara Khosrowshahi's robotaxi messaging needs to change while Waymo moves ahead. Michael Batnick would buy below $60.
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On this episode 2
Show 1
AI bubble searches more than double. Google searches for AI bubble more than doubled their previous autumn highs in late October, though Josh Brown says this is not contrarian after three years of bubble calls.