Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>) reported financial results for the fourth quarter of fiscal 2025 Thursday after the close. Here&#8217;s a rundown of the <a href="https://www.benzinga.com/pressreleases/25/10/b48544888/apple-reports-fourth-quarter-results">iPhone maker&#8217;s report</a>.



<ul class="wp-block-list">
<li>AAPL is reaching significant price levels. <a href="https://www.benzinga.com/quote/AAPL" target="_blank" rel="noreferrer noopener">Get the inside scoop here.</a></li>
</ul>



Q4 Highlights: Apple reported fiscal fourth-quarter revenue of $102.47 billion, beating analyst&nbsp;<a href="https://www.benzinga.com/quote/AAPL/earnings" target="_blank" rel="noreferrer noopener">estimates</a>&nbsp;of $102.17 billion. The tech giant reported fourth-quarter earnings of $1.85 per share, beating analyst estimates of $1.76 per share.



Apple has a strong history of topping analyst estimates. With Thursday&#8217;s better-than-expected results, the company has now beat expectations on the top and bottom lines in 11 straight quarters, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Total revenue was up 8% year-over-year, and earnings per share climbed 13% year-over-year. Americas sales totaled $44.19 billion in the quarter, Europe sales came in at $28.7 billion, Greater China sales were approximately $14.49 billion, Japan sales totaled $6.64 billion and the rest of Asia Pacific sales were $8.44 billion.



Product revenue came in at $73.72 billion, up from $69.96 billion year-over-year. Services revenue totaled $28.75 billion, up from $24.97 billion year-over-year. Here&#8217;s a breakdown of product sales by category.



<ul class="wp-block-list">
<li>iPhone:&nbsp;$49.02 billion, versus $46.22 billion last year</li>



<li>Mac:&nbsp;$8.73 billion, versus $7.74 billion last year</li>



<li>iPad:&nbsp;$6.952 billion, versus $6.950 billion last year</li>



<li>Wearables, Home and Accessories:&nbsp;$9.01 billion, versus $9.04 billion last year</li>
</ul>



Apple noted that its active installed base of devices once again reached new all-time highs across all product categories and geographic segments. The company attributed the growth to &#8220;very high levels&#8221; of customer satisfaction and loyalty.



&#8220;Today, Apple is very proud to report a September quarter revenue record of&nbsp;$102.5 billion, including a September quarter revenue record for iPhone and an all-time revenue record for Services,&#8221; said&nbsp;Tim Cook, CEO of Apple.



&#8220;In September, we were thrilled to launch our best iPhone lineup ever, including iPhone 17, iPhone 17 Pro and Pro Max, and iPhone Air. In addition, we launched the fantastic AirPods Pro 3 and the all-new Apple Watch lineup. When combined with the recently announced MacBook Pro and iPad Pro with the powerhouse M5 chip, we are excited to be sharing our most extraordinary lineup of products as we head into the holiday season.&#8221;



Apple ended the quarter with $35.93 billion in cash and cash equivalents. The company's board declared a quarterly cash dividend of&nbsp;26 cents&nbsp;per share, payable on Nov. 13 to shareholders of record as of Nov. 10.



Apple executives will further discuss the quarter on an <a href="https://www.youtube.com/live/j2se-TYG3hw">earnings call</a> scheduled for 5 p.m. ET. The company tends to provide commentary on how it generally expects its different product lines to perform over the coming months.



AAPL Price Action: <a href="http://benzinga.com/quote/aapl" target="_blank" rel="noreferrer noopener">Apple shares</a> are volatile following the earnings release. The stock initially fell, but was up 4.27% in after-hours, trading at $283 at the time of publication on Thursday, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/10/48467333/nancy-pelosi-ditches-apple-stock-right-before-q4-earnings-but-theres-a-catch">Nancy Pelosi Ditches Apple Stock Right Before Q4 Earnings &#8211; But There&#8217;s A Catch</a></li>



<li><a href="https://www.benzinga.com/analyst-stock-ratings/reiteration/25/10/48439252/apple-iphone-17-foldable-will-be-the-real-game-changer-analyst">Apple&#8217;s Upcoming Foldable iPhone Model Will Drive Major Upside: Analyst</a></li>
</ul>



Image created using artificial intelligence via MidJourney.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Apple Q4 2025 Earnings Call &#x7C; $AAPL &#x7C; &#x1f534; WATCH LIVE" width="500" height="281" src="https://www.youtube.com/embed/j2se-TYG3hw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>

Earnings

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Tech

AAPL

Apple Stock Hits All-Time High Following Q4 Earnings Beat, Active Installed Base Reaches Record Levels Across All Products

Ecommerce giant Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMZN">AMZN</a>) reported third-quarter financial results Thursday <a href="https://www.benzinga.com/earnings">after market close.</a>



Here are the key highlights.



What Happened: Amazon reported third-quarter net sales of $180.2 billion, up 13% year-over-year. The sales total beat the Street consensus estimate of $177.8 billion, according to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent103025&amp;t=be2bearmibe3na1">Benzinga Pro.</a>



Sales were broken down as follows:



<ul class="wp-block-list">
<li>North America: $106.3 billion, +11% year-over-year</li>



<li>International: $40.9 billion, +14% year-over-year</li>



<li>AWS: $33.0 billion, +20% year-over-year</li>
</ul>



The company reported third-quarter earnings per share of $1.95, beating a Street consensus estimate of $1.57.



Operating income for the company was $17.4 billion, which was broken down by segment:



<ul class="wp-block-list">
<li>North America: $4.8 billion</li>



<li>International: $1.2 billion</li>



<li>AWS: 11.4 billion</li>
</ul>



The operating income was flat from last year's third quarter total of $17.4 billion. The company said the quarterly operating income included two special charges of $2.5 billion and $1.8 billion, related to a legal settlement with the Federal Trade Commission and severance costs for planned role eliminations, respectively. Amazon said that without these charges, the operating income total would have been $21.7 billion.



"We continue to see strong momentum and growth across Amazon as AI drives meaningful improvements in every corner of our business," Amazon CEO Andy Jassy said. "AWS is growing at a pace we haven't seen since 2022, re-accelerating to 20.2% YoY."



The company highlighted several platforms seeing progress with AI in the quarter. The company also signed new AWS agreements with several notable companies in the quarter, showing momentum in cloud services demand.



For the company's Prime Video streaming segment, the company highlighted over 70 million viewers globally for the third season of "The Summer I Turned Pretty." The company also highlighted strong viewership for its fourth season of "Thursday Night Football," with the average of 15.3 million viewers up 16% year-over-year from last season's average.



Prime Video also debuted its NBA on Prime coverage in over 200 countries for the 2025-2026 NBA season, with an average audience of 1.25 million viewers in the U.S. for the season-opening doubleheader.



Read Also: <a href="https://www.benzinga.com/trading-ideas/previews/25/10/48480090/amazon-q3-preview-aws-outage-job-cuts-overshadow-growth-plans">Amazon Q3 Preview: Will AWS Outage, Job Cuts Overshadow Earnings, Growth Plans?</a>



What's Next: Amazon is guiding for fourth-quarter net sales to be in a range of $206.0 billion to $213.0 billion, up 10% to 13% year-over-year, respectively.



The company expects fourth-quarter operating income to be in a range of $21.0 billion to $26.0 billion, compared to $21.2 billion in last year's fourth quarter.



"We continue to see strong demand in AI and core infrastructure, and we've been focused on accelerating capacity – adding more than 3.8 gigawatts in the past 12 months," Jassy said.



AMZN Price Action: Amazon stock is up 9% to $242.50 in after-hours trading Thursday versus a 52-week trading range of $161.43 to $242.52.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-stock-ratings/reiteration/25/10/48540258/amazons-new-ai-chips-could-unlock-billions-in-revenue-analysts-say">Amazon&#8217;s New AI Chips Could Unlock Billions In Revenue, Analysts Say</a></li>
</ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Amazon.com Q3 2025 Earnings Call &#x7C; $AMZN &#x7C; &#x1f534; WATCH LIVE" width="500" height="281" src="https://www.youtube.com/embed/i0LAkX0ggFY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



Image created using artificial intelligence via Midjourney.

AMZN

Amazon Q3 Highlights: Double Beat, AWS Growth Hits Fastest Pace Since 2022

Bitcoin is trading below $107,000 level, with the drop through key support levels triggering over $1 billion in crypto liquidations.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Ticker</td><td>Price</td></tr><tr><td>Bitcoin</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$107,011.69</td></tr><tr><td>Ethereum</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$3,733.80</td></tr><tr><td>Solana</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>$182.21&nbsp;</td></tr><tr><td>XRP</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$2.43</td></tr><tr><td>Dogecoin</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$0.1794</td></tr><tr><td>Shiba Inu</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.059509</td></tr></tbody></table></figure>



Notable Statistics:



<ul class="wp-block-list">
<li>Coinglass data shows 242,348 traders were liquidated in the past 24 hours for $1.23 billion.        </li>
</ul>



Notable Developments:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/small-cap/25/10/48523884/exclusive-segg-media-unveils-300-million-web3-strategy-to-tokenize-sports-and-entertainment">EXCLUSIVE: SEGG Media Unveils $300 Million Web3 Strategy To Tokenize Sports And Entertainment</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48531524/jpmorgan-tokenizes-private-equity-fund-as-jpm-targets-key-312-level">JPMorgan Tokenizes Private Equity Fund As JPM Targets Key $312 Level</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48521417/mastercard-in-late-stage-talks-to-acquire-crypto-startup-zerohash-report">Mastercard In &#8216;Late-Stage Talks&#8217; To Acquire Crypto Startup Zerohash: Report</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48534555/bitcoin-sells-trump-xi-deal-fed-rate-cut-is-a-breakdown-to-93000-next">Bitcoin Sells Trump-Xi Deal, Fed Rate Cut: Is A Breakdown To $93,000 Next?</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48524756/circle-galaxy-are-the-only-crypto-ipos-in-profit-as-etoro-sinks-40-since-debut">Circle, Galaxy Are The Only Crypto IPOs In Profit As eToro Sinks 40% Since Debut</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48525742/bitcoin-plummets-below-109000-after-fed-rate-cut-classic-buy-the-rumor-sell-the-news-reaction">Bitcoin Plummets Below $109,000 After Fed Rate Cut — Classic &#8216;Buy The Rumor, Sell The News&#8217; Reaction?</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48517822/tether-now-holds-more-us-debt-than-south-korea-germany-ceo-paolo-ardoino-says-stablecoin-issuer-will-soon-surpass-brazil-with-200-billion-target">Tether Now Holds More US Debt Than South Korea, Germany: CEO Paolo Ardoino Says Stablecoin Issuer Will Soon Surpass Brazil With $200 Billion Target</a></li>
</ul>



Trader Notes: IncomeSharks <a href="https://x.com/IncomeSharks/status/1983959752360292703">said</a> Bitcoin is facing rejection and may retest its lower trend line, potentially a final flush before a stronger November though without a clear fundamental catalyst, the outlook remains cautious.



Altcoin Daily <a href="https://x.com/AltcoinDaily/status/1983950919323840889">noted</a> it's typical for Bitcoin to revisit its 50-week moving average multiple times during bull market pullbacks, with the current level sitting around $103,000.



Altcoin Sherpa analyzed that Bitcoin could still move either way, depending on how key support and resistance levels hold.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>: It could go up or it could go down. Thank you for coming to my Ted talk <a href="https://t.co/ah9dx675MT">pic.twitter.com/ah9dx675MT</a>&mdash; Altcoin Sherpa (@AltcoinSherpa) <a href="https://twitter.com/AltcoinSherpa/status/1983959146786349220?ref_src=twsrc%5Etfw">October 30, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Daan Crypto Trades <a href="https://x.com/DaanCrypto/status/1983895187588887022">added</a> that Bitcoin continues to trade within a tight range, currently testing $107,000. Key zones to watch include $103,000 (wick low), $107,000 (local support), $111,000 (mid-range/high-volume node), and $116,000 (upper resistance).



The market, he said, remains in a "ping-pong phase," with each breakout or breakdown likely to drive momentum toward the next level.



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48536680/bitcoin-ethereum-slide-another-3-is-us-demand-disappearing">Bitcoin, Ethereum Slide Another 3%: Is US Demand Disappearing?</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

$BTC

$DOGE

$ETH

$SHIB

$SOL

$XRP

Bitcoin Plunges Below $107,000 As Ethereum, XRP, Dogecoin Lose 6%

When Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOG">GOOG</a>) Sundar Pichai says "search is evolving," it's not just a product update — it's a strategy shift. 



Responding to analysts at the <a href="https://www.benzinga.com/quote/GOOG/earnings">third quarter earnings</a> call, the Alphabet CEO hinted that AI-driven search could soon become as transformative as Google's "universal search" rollout nearly two decades ago.



<ul class="wp-block-list">
<li>Track GOOG stock <a href="https://www.benzinga.com/quote/GOOG">here</a>.</li>
</ul>



"Between AI overviews and AI mode, we're meeting users in the moment," Pichai said, adding that Google may soon "bring it all together" in a unified experience.



This sounds like the beginning of Google's second universal search — powered by Gemini.



Read Also: <a href="https://www.benzinga.com/markets/tech/25/10/48534484/meta-microsoft-google-are-spending-like-its-2021-and-these-ai-stocks-are-the-real-winners">Meta, Microsoft, Google Are Spending Like It&#8217;s 2021</a>



<h2 class="wp-block-heading">AI Becomes The Core Product, Not The Add-On</h2>



Alphabet's record $102.3 billion in quarterly revenue and 16% year-over-year growth were powered by AI — both in ads and in the cloud. But beneath the headline numbers, Pichai's remarks reveal where the next wave of growth is: reimagining search itself.



AI Overviews are now reaching over two billion users, and Google's new AI Mode — essentially conversational search powered by Gemini — already has 75 million daily users in the U.S. 



That's not experimental scale; it's mainstream adoption. And despite fears that AI would cannibalize search monetization, Chief Business Officer Philipp Schindler said ad performance in AI formats remains "approximately the same rate" as traditional search — giving Alphabet the green light to keep pushing deeper.



<h2 class="wp-block-heading">Gemini's Integration Is Google's Next Growth Engine</h2>



Pichai said the company is treating Gemini as "a more personal, proactive, powerful AI assistant" — hinting at a coming fusion between Google Search, Gemini and even Waymo. It's all part of Google's push to own every step of the user journey — from query to transaction to mobility.



If that sounds like a new kind of ecosystem, that's because it is. And investors are starting to price it in: Google Cloud's backlog is now at record highs, while the company continues to sign $1 billion-plus AI infrastructure deals at a faster clip than ever before.



<h2 class="wp-block-heading">Why It Matters</h2>



Pichai's message was clear: Google's next evolution isn't a product — it's a platform rewrite. Just as "universal search" defined the 2000s, "AI search" may define the 2030s. 



And this time, Google's not chasing the trend — it's building the infrastructure behind it.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/09/47471835/googles-no-longer-just-search-and-microsofts-not-sleeping-well">Google&#8217;s No Longer Just Search &#8211; And Microsoft&#8217;s Not Sleeping Well</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Earnings Beats

Long Ideas

Trading Ideas

GOOG

GOOGL

Sundar Pichai Says Google's 'Universal Search' Moment Is Coming Again — This Time, It's AI

Amazon.com Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMZN">AMZN</a>) massive artificial intelligence push took a major step forward as its <a href="https://www.benzinga.com/trading-ideas/movers/25/10/48504056/why-is-amazon-stock-trading-up-today">Project Rainier supercomputer</a>, powered by nearly 500,000 Trainium2 chips, officially went live.



<ul class="wp-block-list">
<li>AMZN is having a challenging session. <a href="https://www.benzinga.com/quote/AMZN" target="_blank" rel="noreferrer noopener">Get the scoop here.</a></li>
</ul>



The new Rainier system marks a turning point for Amazon Web Services, positioning it to capture a larger share of booming AI training and inference demand that could add billions in revenue growth through 2026.



Bank of America Securities analyst Justin Post maintained a Buy rating on Amazon with a price forecast of $272.



Also Read: <a href="https://www.benzinga.com/analyst-stock-ratings/reiteration/25/10/48412764/amazon-poised-for-big-2026-breakout-says-analyst" target="_blank" rel="noreferrer noopener">Amazon Poised For Big 2026 Breakout, Says Analyst</a>



Post said Amazon's Project Rainier, one of the world's largest AI training computers, is now operational.



The system, built with nearly 500,000 Trainium2 chips across multiple U.S. data centers, connects tens of thousands of UltraServers using NeuronLinks to minimize latency. Amazon stated that its AI partner, Anthropic, will gain over five times the compute power it had before, with its Claude model expected to run on more than one million Trainium2 chips by the end of 2025. The analyst noted that while the launch arrived about a month later than expected, it confirms that Amazon's large-scale capacity ramp for AI workloads has begun.



He added that the new Rainier capacity could significantly strengthen AWS through 2026.



Analysts expect AWS revenue to rise 19% year over year in 2026, slightly faster than 2025's 18%. Post believes that Anthropic's growing AI demand could materially boost AWS results, estimating up to $6 billion in incremental revenue in 2026, potentially adding 4 percentage points to overall growth.



The analyst described Amazon's investment in proprietary technology — including Trainium chips and Nova models as a critical strategic move to differentiate AWS in the competitive AI market.



AWS CEO Matt Garman has said these chips can outperform general-purpose alternatives, and Post noted that Amazon's in-house approach could reduce training and inference costs while lifting AWS margins. Still, he acknowledged that investor skepticism remains over whether demand for Trainium-based systems will expand beyond Anthropic.



Post expects Amazon's upcoming earnings call and its re:Invent conference to highlight the benefits of the Rainier rollout and possibly announce Trainium3, further closing the performance gap with other AI chipmakers. The analyst said customer adoption over the next 18 months will be pivotal in determining whether Trainium becomes a major platform in AI infrastructure or faces limitations in broader appeal.



AMZN Price Action: Amazon.com shares were down 2.28% at $225.05 at the time of publication on Thursday, <a href="https://www.benzinga.com/pro/" target="_blank" rel="noreferrer noopener">according to Benzinga Pro data</a>.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-stock-ratings/reiteration/25/10/48359419/amazon-the-next-big-ai-winner-one-analyst-thinks-wall-street-is-wrong" target="_blank" rel="noreferrer noopener">Is Amazon The Next Big AI Winner? One Analyst Thinks Wall Street Is Wrong</a></li>
</ul>



Image created using artificial intelligence via DALL-E.

Price Target

Reiteration

Analyst Ratings

Amazon's New AI Chips Could Unlock Billions In Revenue, Analysts Say

Wall Street saw a cautious tone on Thursday as major tech-heavy indexes edged lower, weighed down by mixed earnings from the mega-caps and the lingering impact of hawkish remarks from Fed Chair Jerome <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/10/48531471/powell-taps-the-brakes-in-the-fog-but-traders-keep-hitting-the-gas">Powell the day before.</a>



Following the Federal Reserve's widely anticipated 25-basis-point rate cut, Powell poured cold water on speculation of another move in December, stressing that an additional reduction is "far from a foregone conclusion." Traders swiftly pared bets for a year-end cut, pricing in a 65% chance versus nearly 100% just a day earlier.



The Nasdaq 100 dipped 0.7%, set to end a five-day winning streak, dragged by a steep 10% drop in Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>) after the company unveiled hefty new AI-related capital spending. Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>) fell nearly 3% despite topping analysts' expectations, while Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>) surged 4%.



Alphabet's rally capped its seventh consecutive month of gains, with a 63% advance over the past four months — its strongest stretch since the company's <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/10/48531059/google-alphabet-stock-rally-earnings-analysts-outlook-analysis-price-target">early trading months in 2004.</a>



Elsewhere, Chipotle Mexican Grill Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CMG">CMG</a>) plunged more than 15% — its sharpest one-day loss since 2012 — after trimming its sales outlook, citing a tougher macroeconomic backdrop.



On the geopolitical front, progress in U.S.–China trade discussions offered a rare note of optimism. In the first in-person meeting between Presidents Donald Trump and Xi Jinping in six years, Washington agreed to reduce certain tariffs, while Beijing committed to ease export restrictions on rare-earth elements and tighten controls on fentanyl-related chemicals.



In commodities, gold rebounded 1.8% to $4,000 per ounce after four consecutive declines, even as the dollar strengthened.



The U.S. dollar index climbed to 99.5 — its highest since early August — with the greenback advancing nearly 1% against the Japanese yen.



In crypto trading, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) slipped for a fourth straight session, down about 2% to $108,000. Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/COIN">COIN</a>) fell 3.2%, and Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSTR">MSTR</a>) lost 3.8%, both ahead of quarterly earnings due after Thursday's close.



<h2 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h2>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices </td><td>Price</td><td>1-day %chg</td></tr><tr><td>Dow Jones</td><td>47,813.95</td><td>0.4%</td></tr><tr><td>Russell 2000</td><td>2,486.01</td><td>0.0%</td></tr><tr><td>S&amp;P 500</td><td>6,867.50</td><td>-0.3%</td></tr><tr><td>Nasdaq 100</td><td>25,943.81</td><td>-0.7%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:45 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul class="wp-block-list">
<li>The&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VOO">VOO</a>) eased 0.4% to $629.25.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DIA">DIA</a>) rose 0.4% to $478.12.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>)&nbsp;slumped 0.8% to $630.80.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IWM">IWM</a>) rose 0.1% to $247.17.</li>



<li>The&nbsp;Financials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLF">XLF</a>) outperformed, up 1%; the&nbsp;Consumer Discretionary&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLY">XLY</a>) lagged, down 1.1%.</li>
</ul>



<h2 class="wp-block-heading">Thursday&#8217;s Movers On Earnings Results</h2>



<ul class="wp-block-list">
<li>Microsoft Corporation down 2.8%</li>



<li>Alphabet Inc. up 4.1%</li>



<li>Meta Platforms, Inc. down 10.2%</li>



<li>Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LLY">LLY</a>) up 3.8%</li>



<li>Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MA">MA</a>) up 0.2%</li>



<li>Merck &amp; Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MRK">MRK</a>) down 0.9%</li>



<li>ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NOW">NOW</a>) up 3.6%</li>



<li>KLA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/KLAC">KLAC</a>) down 1.5%</li>



<li>Stryker Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SYK">SYK</a>) up 0.4%</li>



<li>Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CMCSA">CMCSA</a>) down 1.7%</li>



<li>The Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SO">SO</a>) up 0.5%</li>



<li>Altria Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MO">MO</a>) down 6.7%</li>



<li>Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SBUX">SBUX</a>) up 0.7%</li>



<li>Bristol-Myers Squibb Company (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BMY">BMY</a>) up 5.8%</li>



<li>Intercontinental Exchange, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ICE">ICE</a>) down 0.2%</li>



<li>Equinix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/EQIX">EQIX</a>) up 5.8%</li>



<li>Roblox Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/RBLX">RBLX</a>) down 11.0%</li>



<li>Howmet Aerospace Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/HWM">HWM</a>) up 0.3%</li>



<li>The Cigna Group (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CI">CI</a>) down 13.4%</li>



<li>Enterprise Products Partners L.P. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/EPD">EPD</a>) up 0.8%</li>



<li>Quanta Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PWR">PWR</a>) down 0.3%</li>



<li>Alnylam Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ALNY">ALNY</a>) down 7.8%</li>



<li>L3Harris Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LHX">LHX</a>) up 2.4%</li>



<li>Public Storage (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PSA">PSA</a>) down 2.3%</li>



<li>Xcel Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/XEL">XEL</a>) up 1.9%</li>



<li>Cheniere Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LNG">LNG</a>) up 0.8%</li>



<li>AMETEK, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AME">AME</a>) up 8.1%</li>



<li>Chipotle Mexican Grill, Inc.down 15.8%</li>



<li>Cardinal Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CAH">CAH</a>) up 12.5%</li>



<li>Ameriprise Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AMP">AMP</a>) down 3.9%</li>



<li>Kimberly-Clark Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KMB">KMB</a>) up 3.3%</li>



<li>Insmed Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/INSM">INSM</a>) up 12.9%</li>



<li>eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/EBAY">EBAY</a>) down 14.3%</li>



<li>Prudential Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PRU">PRU</a>) up 2.1%</li>



<li>WEC Energy Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WEC">WEC</a>) down 2.3%</li>



<li>The Estée Lauder Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/EL">EL</a>) up 1.5%</li>



<li>The Hershey Company (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/HSY">HSY</a>) down 3.2%</li>



<li>Ventas, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VTR">VTR</a>) up 4.9%</li>



<li>Extra Space Storage Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/EXR">EXR</a>) down 4.3%</li>



<li>EMCOR Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/EME">EME</a>) down 16.6%</li>
</ul>



Stocks slated to report earnings after the close include Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMZN">AMZN</a>), Gilead Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GILD">GILD</a>), Stryker Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SYK">SYK</a>), Strategy Inc., Coinbase Global Inc., Monster Beverage Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MNST">MNST</a>), Motorola Solutions Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MSI">MSI</a>), Arthur J. Gallagher &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AJG">AJG</a>), Republic Services Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/RSG">RSG</a>), Edwards Lifesciences Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/EW">EW</a>), Monolithic Power Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MPWR">MPWR</a>), Western Digital Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/WDC">WDC</a>), ResMed Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/RMD">RMD</a>), Atlassian Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TEAM">TEAM</a>), Consolidated Edison Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ED">ED</a>), Vici Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VICI">VICI</a>), Ingersoll Rand Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IR">IR</a>), Dexcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/DXCM">DXCM</a>), First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/FSLR">FSLR</a>), LPL Financial Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/LPLA">LPLA</a>), Twilio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TWLO">TWLO</a>), GoDaddy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GDDY">GDDY</a>), Weyerhaeuser Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WY">WY</a>), Erie Indemnity Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ERIE">ERIE</a>), MasTec Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MTZ">MTZ</a>), Zillow Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/Z">Z</a>), Reinsurance Group of America Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/RGA">RGA</a>), and Gaming and Leisure Properties Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GLPI">GLPI</a>).



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Meta Tumbles 10%, Google Marks Historic Rally: What's Moving Markets Thursday?

Fed Chair Jerome Powell firmly pushed back against market expectations for a December rate cut on Wednesday, cautioning that it's more prudent to slow down when visibility is low—yet his remarks only modestly dented investor optimism, with traders still essentially betting on another move by the <a href="https://www.benzinga.com/markets/economic-data/25/10/48510387/jerome-powell-press-conference-fed-meeting-october-30-interest-rate-outlook-market-reactions">end of the year.</a>



Market-implied odds of a December cut, tracked by Fed Funds futures, dipped after Powell&#8217;s comments but remain elevated. 



As of Thursday morning, traders were still assigning a 69% chance of a 25-basis-point cut at the December 10 meeting, according to CME FedWatch. Kalshi, a CFTC-regulated prediction market, pegged those odds at 74%.



<h2 class="wp-block-heading">Why Powell Thinks The Fed Should Pause</h2>



In his press conference following the Fed's decision to cut rates by 25 basis points to 3.75%-4.00%, Powell was unusually direct in rebuffing assumptions of an imminent third cut:



"A further reduction in the policy rate at the December meeting is not a foregone conclusion — far from it," he said. "Policy is not on a preset course."



He emphasized that the Federal Open Market Committee remains "strongly divided" on how to proceed. 



Some members see mounting risks to inflation, while others are increasingly concerned about the labor market. This divergence, Powell said, reflects differing risk tolerances and economic forecasts.



"There's a growing chorus now of feeling like maybe this is where we should at least wait a cycle," Powell added, suggesting a pause could be on the table even if further data points toward weakness.



In addition, the ongoing government shutdown has delayed key macroeconomic indicators, including jobs and inflation reports. 



Powell didn't rule out acting without complete data, but made clear that higher uncertainty could tilt the Fed toward inaction. "What do you do if you&#8217;re driving in the fog? You slow down. That could or could not affect the December meeting.&#8221;



<h2 class="wp-block-heading">Split Reactions From Analysts</h2>



Goldman Sachs economist David Mericle described Powell's tone as "more hawkish than we had expected," noting the Fed Chair avoided referencing the September dot plot, which had suggested another cut was likely.



"He made three statements that likely contributed to the bond market's perception of today's press conference as a hawkish surprise," Mericle said.



Still, Goldman maintains a December cut is likely, citing continued labor market cooling, inflation excluding tariffs nearing the 2% target, and the Fed's recent history of "risk management" easing cycles.



&#8220;We still think a December cut is quite likely because the September dots implied that most participants saw it as the baseline, the labor market data are unlikely to send a convincingly reassuring message by the December meeting, and Powell sees the policy stance as contributing to labor market cooling,&#8221; Mericle said. 



Not all analysts agree that another cut is coming.



Bank of America's Aditya Bhave said Powell "pushed back stridently" and that the lack of data may shift the burden of proof onto incoming alternative indicators. 



&#8220;We remain comfortable with our view that the Fed will not cut rates again under Chair Powell,&#8221; Bhave said. 



The economist explained that the December policy decision could prove even more contentious than the October meeting. 



If the Fed proceeds with another cut, officials seen as more hawkish—such as Michael Barr, Austan Goolsbee and Alberto Musalem, who likely projected just one rate cut for 2025 in September—might join Jeffrey Schmid in dissenting. 



On the other hand, if the Fed opts to hold rates steady, more dovish members who likely favored three cuts—such as Michelle Bowman, John Williams and Christopher Waller—could also break ranks, adding to Stephen Miran's earlier dissent.



Ed Yardeni echoed the concern, noting that some FOMC participants may fear that further easing could ignite "animal spirits" in equity markets, risking financial instability.



The 10-year Treasury yield rose back above 4.00% after Powell's remarks, suggesting bond traders share that skepticism.



Despite adverse reactions to Powell&#8217;s remarks, the S&amp;P 500 – as tracked by the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VOO">VOO</a>) – closed lower after touching record highs intraday. Still, Chris Zaccarelli of Northlight Asset Management maintained a bullish stance.



"We think this will prove to be a buying opportunity," he said. "The Fed is likely to continue to support both stock and bond markets by cutting rates significantly over the next 12 months—even if they hold in December," Zaccarelli said. 



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Photo: Shutterstock

Analyst Color

Macro Economic Events

Powell Taps The Brakes In The Fog, But Traders Keep Hitting The Gas

Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>) raised its CapEx spending outlook after third-quarter financial results. Analysts are mixed on how the spending will help the company in the short- and long-term.



<ul class="wp-block-list">
<li>META is feeling the pressure from bearish momentum. <a href="https://www.benzinga.com/quote/META" target="_blank" rel="noreferrer noopener">Get the scoop here.</a></li>
</ul>



The META Analysts: Bank of America Securities analyst Justin Post reiterated a Buy rating on Meta Platforms and lowered the price target from $900 to $810.



<ul class="wp-block-list">
<li>Wedbush analyst Scott Devitt reiterated an Outperform rating and a $920 price target.</li>



<li>JPMorgan analyst Doug Anmuth maintained an Overweight rating and lowered the price target from $875 to $800.</li>



<li>KeyBanc analyst Justin Patterson maintained an Overweight rating and lowered the price target from $905 to $875.</li>



<li>Needham analyst Laura Martin maintained a Hold rating with no price target.</li>



<li>Rosenblatt analyst Barton Crockett maintained a Buy rating and raised the price target from $1,086 to $1,117.</li>
</ul>



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Bank of America on META: Higher CapEx and one-time charges that led to missed earnings per share were negatives from the earnings report, Post said in an investor note.



The analyst said the AI opportunity is worth the wait and could lead to higher revenue.



"We see Meta in a position of strength with massive user network and opportunity to integration of compelling AI products over the next two years," Post said.



Post highlighted the company's advertising growth as a strength in the quarter.



"Meta's comments on forward year ad growth were quite bullish, and Meta noted revenue from automated ad tools has surpassed $60bn ARR and have significant room to grow." &nbsp;



The analyst said the bad news could already be priced into shares, while some product catalysts could help drive upside in engagement and revenue in 2026.



"We continue to see a much higher growth potential relative to the S&amp;P 500 given a big AI opportunity ahead."



Wedbush on META: Higher expenses may have changed sentiment on Meta Platforms stocks, Devitt said in a new investor note.



"While the ultimate level of investment contemplated this year has increased, we believe the spending has been justified, with the infusion of AI capabilities across the company's ad stack and content recommendation engines driving tangible results," Devitt said.



The analyst said the report showed encouraging growth in the core advertising business, had positive commentary on Meta AI and showed momentum with the rollout of AI-infused hardware.



"We think the risk/reward is attractive given healthy fundamentals and optionality related to future AI monetization."



JPMorgan on META: Lower revenue growth guidance for the fourth quarter may have been expected, Anmuth said in a new investor note. &nbsp;



"Management is quite bullish on continued core AI improvements driving strong revenue growth in 2026, and likely beyond," Anmuth said.



The analyst said costs for Meta are outsized compared to Google and Amazon, as those companies have cloud businesses that help with Gen AI monetization.



"We will continue to give Meta the benefit of the doubt as core monetization is strong and we believe there is meaningful runway ahead, but the risk profile becomes further elevated."



KeyBanc on META: The third-quarter results have a resemblance to the third quarter of fiscal 2022 with high CapEx and OpEx growth leading to concerns about earnings and capital allocation, Patterson said in a new investor note.



The analyst said Meta AI and Advantage+ advertising should translate into "meaningful revenue and FCF) in future years.&#8221;



Patterson raises revenue estimates for fiscal 2025, fiscal 2026 and fiscal 2027.



"This reflects a healthy advertising environment and progress with AI initiatives," Patterson said.



The analyst lowers targets on earnings per share for fiscal 2025, fiscal 2026 and fiscal 2027 due to higher expense growth, leading to a lowered overall price target for the stock.



"We believe Meta is investing aggressively in AI, which should improve the core business and open up new opportunities over time."



Needham on META: The technology company could be asking public shareholders to "take on a quasi-government role of funding" generative AI research "for the good of humanity," Martin said in a new investor note.



"The CEO's 3Q comments prioritized open-source and universal access, committed to a large, front-loaded multi-year capex/opex for AI compute," Martin said.



The analyst said Meta shareholders should not "subsidize this strategy." &nbsp;



Rosenblatt on META: Third-quarter results were "great," with strong revenue growth and EBITDA, Crockett said in an investor note.



"The top-line ROI on these AI investments appears to support the spend," Crockett said of increased CapEx.



The analyst said AI is helping the company put more relevant content in front of its users, helping improve engagement times and potential monetization.



META Price Action: Meta stock is down 10% to $676.68 on Thursday versus a 52-week trading range of $479.80 to $796.25. Meta stock is up 13% year-to-date in 2025.



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Image created using artificial intelligence via DALL-E.

Meta Stock Has 'Meaningful Runway Ahead': Aggressive AI Investing Opens Up 'New Opportunities'

Google parent company Alphabet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOG">GOOG</a>) has Wall Street buzzing&nbsp;as its Q3 results shattered expectations and officially marked the company's first quarter clearing<a href="https://www.benzinga.com/markets/earnings/25/10/48512063/alphabet-q3-earnings-revenue-eps-top-estimates-google-parent-raises-capex-guidance-on-strong-momentum-across-the-business"> $100 billion in revenue.&nbsp;</a>



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<li>GOOG stock is climbing. <a href="https://www.benzinga.com/quote/GOOG">Watch the real-time price action here.&nbsp;</a></li>
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<h2 class="wp-block-heading">Q3 Results:&nbsp;</h2>



The transformative power of AI is rippling through all of Alphabet's <a href="https://www.benzinga.com/trading-ideas/movers/25/10/48531762/alphabet-stock-is-hitting-new-highs-today-whats-going-on">major business lines</a> and its Q3 performance was nothing short of historic.&nbsp;



Total revenue surged 16% year-over-year to $102.4 billion, net income soared 33% to nearly $35 billion, and earnings per share jumped 35% to $2.87.&nbsp;



Alphabet revealed Google Cloud revenue climbed 34% to $15.16 billion, Search revenue increased 14.5% to $56.57 billion and YouTube ad revenue grew 15% to $10.26 billion.&nbsp;



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<h2 class="wp-block-heading">Analysts React </h2>



Analysts responded enthusiastically to the headline accomplishments and Alphabet's announcements on capex spending, particularly for AI infrastructure. 



Canaccord Genuity maintained its Buy rating on Alphabet and raised the price target from $270 to $330.



Canaccord Genuity's Maria Ripps noted that Alphabet's investments in AI had driven accelerating momentum across Search, YouTube and Cloud, with innovations like Gemini and AI Overviews powering product and monetization gains. 



The firm raised its price target to $330 from $270. It noted that Alphabet increased its 2025 capital expenditures forecast to $91—$93 billion, up from a previous $85 billion, with an even steeper rise planned for 2026 as the company scaled up server, data center and network investment to cement AI leadership.​



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Wedbush Securities reiterated an Outperform rating and raised its price target to $ 320 from $245.  



Wedbush analysts Scott Devitt and Dan Ives described Alphabet's quarter as proof of its leading role in AI, with new tools like Gemini driving results in both advertising and cloud and leading to accelerating trends in query growth and customer demand.&nbsp;



Wedbush also underscored the AI-driven capital expenditures, citing Alphabet's decision to lift 2025 capex guidance to $91–$93 billion, aimed squarely at AI infrastructure and expanding cloud capacity.​



Needham maintained a Buy rating on Alphabet and raised its price target from $260 to $330. 



Needham's Laura Martin and Dan Medina wrote that Alphabet's &#8220;full-stack&#8221; generative AI strategy delivered both pricing power and margin expansion, with Gemini and AI Mode pushing both query volume and monetization in Search.&nbsp;



Needham called out Alphabet's dramatic 83% year-over-year jump in Q3 capex to $24 billion and revised 2025 capex forecast to $92 billion, with another significant leap forecast for 2026 to $115 billion, all reflecting surging Cloud and AI-related investment.​



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KeyBanc Capital Markets reiterated an Overweight rating and lifted its price target from $300 to $330.&nbsp;&nbsp;



KeyBanc analyst Justin Patterson emphasized Alphabet's &#8220;full stack&#8221; AI advantage in a note titled "The AI Momentum Is Nanobananas."&nbsp;



He highlighted Alphabet's rapid scaling of Gemini and AI Mode and its strong results in core Search and Cloud.&nbsp;



Rosenblatt Securities maintained a Neutral rating on Alphabet shares and raised its price target from $224 to $279.&nbsp;



Rosenblatt Securities analyst Barton Crockett acknowledged Alphabet's strong quarter and AI rollouts (75 million DAUs for AI Mode, robust adoption for Gemini), but maintained caution about future competition in search from other AI leaders.&nbsp;



GOOG Price Action: According to data from<a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw"> Benzinga Pro</a>, Alphabet shares were up 4.73% at $288.25 in midday trading on Thursday.



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This image was generated using artificial intelligence via Dall-E 3.

Google's Q3 Sends Stock To New Highs, Analysts Say 'AI Momentum Is Nanobananas'

Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>) is now in the middle of its hottest run since the company first hit Wall Street, with shares rising nearly 5% to $286 on Thursday morning—marking a 63% rally over the last four months, its strongest performance since the early months <a href="https://www.benzinga.com/topic/tech-stocks">of its 2004 IPO.</a>



The surge follows a blockbuster third-quarter report and swelling analyst confidence that Alphabet's AI momentum is accelerating and far from priced in.



Analysts at Goldman Sachs and Bank of America are both raising their price targets, citing accelerating fundamentals and a clear lead in AI-driven services.



<h2 class="wp-block-heading">Chart: Google Notches Best 4-Month Rally Since December 2004</h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="556" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30095752/image-807-1024x556.png" alt="" class="wp-image-1139880" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30095752/image-807-1024x556.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30095752/image-807-300x163.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30095752/image-807-768x417.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30095752/image-807-1536x834.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30095752/image-807-2048x1112.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading">Goldman And BofA See Double-Digit Upside From Here</h2>



Goldman Sachs lifted its 12-month price target on Alphabet to $330, reflecting a 15% upside from current levels. The investment bank believes Alphabet is "increasingly well-positioned" for the multi-year transition toward AI-powered consumer and enterprise computing, with its AI solutions gaining scale across Search, Cloud, and Gemini.



Bank of America is even more bullish, raising its price target to $335, implying a 17% upside. 



Analyst Justin Post said Google&#8217;s strong earnings reinforced its lead in AI infrastructure and usage, arguing that "AI integrations are proving additive to Search economics" and that Google is beginning to expand the overall digital information market, not just defend it.



<h2 class="wp-block-heading">A Blowout Quarter Driven by AI Adoption</h2>



According to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>, Alphabet reported third-quarter GAAP revenue of $102.35 billion, up 15.95% from a year ago and beating consensus by more than $2 billion, and delivered EPS of $2.87 versus expectations of $2.32 and 35.38% higher than last year. 



Search revenue grew 15% year-over-year, while paid clicks accelerated to 7% from 4% in the prior quarter—despite heavy usage growth from OpenAI's services.



Goldman highlighted that Google's ad platform saw "broad-based strength across verticals," and that the combination of AI Overviews and Gemini-powered query formats is already scaling within Search. Management said these tools are driving both total and commercial query growth, showing that AI is enhancing—not cannibalizing—core monetization.



<h2 class="wp-block-heading">Google Cloud Becomes A Core Growth Engine</h2>



Google Cloud revenue surged 34% year-over-year to $15.2 billion, beating Wall Street expectations and outpacing Microsoft Azure&#8217;s growth on a tougher comp. 



The cloud unit's backlog jumped $47 billion in a single quarter, reaching a record $155 billion, and operating margins improved to 23.7%, up more than 650 basis points from a year ago.



Both Goldman and BofA noted the growing role of custom TPUs—Google's in-house tensor processing units—in driving AI demand on the cloud. 



According to Post, over 70% of Google Cloud customers now use AI products, and Gemini's ecosystem is helping attract large enterprise deals, many worth over $1 billion.



<h2 class="wp-block-heading">Alphabet&#8217;s AI Infrastructure Bet Keeps Growing</h2>



To support its AI roadmap, Alphabet raised its full-year 2025 CapEx guidance to $91 billion–$93 billion, up from $85 billion, and BofA expects that to grow to $122 billion in 2026, a 31% year-over-year increase.



Management said 60% of CapEx is now going into servers, with the rest funding data centers and networking.



<h2 class="wp-block-heading">What's Next For Alphabet Stock?</h2>



For the fourth quarter of 2025, Goldman sees Alphabet generating $112.16 billion in gross revenue and $2.50 in GAAP EPS, while projecting 2026 revenue of $391.92 billion. 



Despite macroeconomic uncertainties around digital ad demand, the investment bank said Alphabet has successfully climbed a "steep wall of worry" and sees no reason for that momentum to slow.



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Image created using artificial intelligence via Midjourney.

Google's Hottest Stock Rally In Over 20 Years Is Far From Over, Analysts Say

Shares of Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>) are falling Thursday after the company released its <a href="https://www.benzinga.com/analyst-stock-ratings/price-target/25/10/48525287/these-analysts-revise-their-forecasts-on-meta-platforms-following-q3-results">third-quarter earnings</a>.



<ul class="wp-block-list">
<li>META is encountering selling pressure. <a href="https://www.benzinga.com/quote/META" target="_blank" rel="noreferrer noopener">Review the technical setup here.</a></li>
</ul>



What To Know: Meta reported diluted earnings per share of $1.05, which includes a one-time, non-cash income tax charge of $15.93 billion and may not compare to estimates of $6.68. On an adjusted basis, earnings per share came in at $7.25, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>. The company reported third-quarter revenue of $51.24 billion, beating estimates of $49.39 billion. 



Meta shares were trading down around 10% following the report, <a href="https://editorial.benzinga.com/" target="_blank" rel="noreferrer noopener">according to Benzinga Pro</a>.



The weakness in shares appears to be partly due to a surge in spending. Meta said it expects capital expenditures for 2025 to be between $70 billion and $72 billion, versus prior guidance of $66 billion to $72 billion. 



The company also noted that it continues to monitor &#8220;increasing headwinds&#8221; in the EU and the U.S. that could &#8220;significantly impact&#8221; its business and financial results.



&#8220;For example, in the EU, we continue to engage constructively with the European Commission on our Less Personalized Ads offering. However, we cannot rule out the Commission imposing further changes to that offering that could have a significant negative impact on our European revenue, as early as this quarter. In the U.S., a number of youth-related trials are scheduled for 2026, and may ultimately result in a material loss,&#8221; the company said.



Analyst Changes: Following the company's quarterly results, several analysts cut price targets, which appears to be adding to the weakness on Thursday.



<ul class="wp-block-list">
<li>RBC Capital analyst Brad Erickson maintained an Outperform and lowered the price target from $840 to $810.</li>
</ul>



<ul class="wp-block-list">
<li>Wells Fargo analyst Ken Gawrelski maintained an Overweight and lowered the price target from $837 to $802.</li>
</ul>



<ul class="wp-block-list">
<li>Raymond James analyst Josh Beck maintained a Strong Buy and lowered the price target from $900 to $825.</li>
</ul>



<ul class="wp-block-list">
<li>Cantor Fitzgerald analyst Deepak Mathivanan maintained an Overweight rating and lowered the price target from $920 to $830.</li>
</ul>



META Analysis: Meta is currently trading approximately 10.7% below its 50-day moving average of $742.04, which suggests a bearish short-term trend. The stock is also trading below its 200-day moving average of $678.02, further emphasizing the recent downward pressure. The Relative Strength Index (RSI) sits at 59.17, signaling a neutral stance, which could indicate that the stock is neither overbought nor oversold at this moment.



With the absence of calculated support levels, the 50-day moving average will serve as a critical support point. If the stock fails to hold above this level, it could open the door for further declines. On the upside, resistance is identified at $731.00, which may act as a barrier for any potential recovery attempts in the near term.



META Price Action: Meta shares were down 10.24% at $674.84 at the time of publication on Thursday, <a href="https://editorial.benzinga.com/" target="_blank" rel="noreferrer noopener">according to Benzinga Pro</a>. The stock is trading within its 52-week range of $479.80 to $796.25.



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Image: Shutterstock

Previews

Meta Stock Is Tumbling Thursday: What's Going On?

Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>) highlighted AI and cloud growth during its <a href="https://www.benzinga.com/markets/earnings/25/10/48512244/microsoft-q1-earnings-highlights-ai-cloud-power-double-beat-strong-start-to-the-fiscal-year">first-quarter financial results.</a> Here's what analysts are saying about the quarter and what comes next.



<ul class="wp-block-list">
<li>MSFT shares are experiencing downward pressure. <a href="https://www.benzinga.com/quote/MSFT" target="_blank" rel="noreferrer noopener">Review the technical setup here.</a></li>
</ul>



The Microsoft Analysts: 



<ul class="wp-block-list">
<li>Wedbush analyst Dan Ives maintained an Outperform rating on Microsoft with a price target of $625.</li>



<li>Goldman Sachs analyst Kash Rangan reiterated a Buy rating on Microsoft with a price target of $630.</li>
</ul>



Wedbush on MSFT: Strength in Microsoft's Azure was "front and center" for the company in the first quarter, Ives said in an investor note.



"AI Revolution hits next gear," Ives said.



Ives said Microsoft is continuing to capitalize on growth opportunities in the cloud segment.



The analyst highlights that Microsoft has more customers building AI apps and agents on its Azure infrastructure.



Ives highlights Microsoft's commercial remaining performance obligations up 51% year-over-year to $392 billion.



"MSFT fully committed to the AI buildout as the company looks to increase its AI capacity by 80% y/y with ~2x its data center footprint over the next two years."



Ives said the next stop for Microsoft could be joining Nvidia in the $5 trillion market capitalization club, with strong forward guidance for fiscal 2026.



"It remains clear that FY26 remains the true inflection year of AI growth for Microsoft." &nbsp;



Read Also: <a href="https://www.benzinga.com/markets/tech/25/10/48518415/microsoft-cfo-amy-hood-says-cloud-revenue-figures-could-be-higher-but-azure-is-short-on-capacity-as-ai-demand-soars">Microsoft CFO Amy Hood Says Cloud Revenue Figures &#8216;Could Be Higher,&#8217; But Azure Is &#8216;Short On Capacity&#8217; As AI Demand Soars</a>



Goldman Sachs on MSFT: The technology giant is "compounding growth at scale" and reporting solid margins, Rangan said in a new investor note.



With shares down after-hours on Wednesday, Rangan said the weakness in the stock could be related to fiscal 2026 guidance, higher CapEx, and higher equity ownership expenses in OpenAI.



"We think these issues are relatively near-term and tactical, and we remain constructive on the stock," Rangan said.



The analyst highlighted Microsoft Azure growth of 39% year-over-year, constant currency, in the quarter, which was one of the highest growth rates of Hyperscalers.



Rangan said Microsoft has done a great job of scaling operating margins even with higher CapEx spending recently.



For the company's OpenAI investment that will be adjusted based on non-GAAP earnings per share, Rangan said investors should still consider the value of owning around 27% of OpenAI moving forward.



"We believe Microsoft is one of the most compelling investment opportunities in the technology industry and across sectors."



The analyst said Microsoft will be able to capitalize on long-term trends like cloud consumption, digital transformation and generative AI.



"We see potential for sustained long-term growth."



MSFT Price Action: Microsoft stock is down 2.2% to $529.76 on Thursday versus a 52-week trading range of $344.79 to $555.45. Microsoft stock is up 26.6% year-to-date in 2025.



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Image created using artificial intelligence via Midjourney.

Microsoft On Path To $5 Trillion Market Cap: Analyst Says 'AI Revolution Hits Next Gear'

President Donald Trump&nbsp;has hinted at a potential oil and gas deal between Alaska and China <a href="https://www.benzinga.com/news/politics/25/10/48519309/trump-concludes-amazing-meeting-with-xi-jinping-teases-pretty-soon-trade-deal">after a meeting</a> with Chinese President&nbsp;Xi Jinping.



<h2 class="wp-block-heading">China&#8217;s Renewed Interest In US Energy</h2>



Trump took to Truth Social on Thursday to suggest a significant energy transaction involving Alaska. He wrote, &#8220;China also agreed that they&nbsp;will begin the process of&nbsp;purchasing American Energy. In fact,&nbsp;a very large scale transaction&nbsp;may take place concerning the&nbsp;purchase of Oil and Gas&nbsp;from the Great State of&nbsp;Alaska.&#8221;



Trump also mentioned that Energy Secretary Chris Wright and Secretary of the Interior Doug Burgum, and their respective energy teams, will be meeting to explore the potential energy deal.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="585" height="544" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30082307/image-806.png" alt="" class="wp-image-1139634" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30082307/image-806.png 585w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30082307/image-806-300x279.png 300w" sizes="(max-width: 585px) 100vw, 585px" /></figure>



See Also:&nbsp;<a href="https://benzinga.com/news/health-care/25/10/48519176/unitedhealths-4-3-billion-profit-fueled-by-generosity-of-uncle-sam-says-healthcare-activist-government-drives-78-of-health-plan-revenue" target="_blank" rel="noreferrer noopener">UnitedHealth&#8217;s $4.3 Billion Profit Fueled By &#8216;Generosity Of Uncle Sam,&#8217; Says Healthcare Activist: Government Drives 78% Of Health Plan Revenue</a>



<h2 class="wp-block-heading">Trump Pushes For Arctic Alaska Oil Lease Sale</h2>



This announcement comes in the wake of China&#8217;s significant reduction in U.S. oil imports earlier this year. In April, Chinese refiners <a href="https://www.benzinga.com/news/global/25/04/44860334/china-cuts-us-oil-purchases-by-90-boosts-imports-from-canada-to-new-heights">cut their U.S. oil imports</a> by approximately 90% amid escalating trade tensions with the U.S. This led to a surge in Canadian crude imports, with China importing 7.3 million barrels of crude from Canada&#8217;s Vancouver port in March.



Meanwhile, the Trump administration has been pushing for an Arctic Alaska oil lease sale despite the government shutdown. The pending lease is in accordance with Trump&#8217;s One Big Beautiful Bill, passed in July, which entails the Bureau of Land Management (BLM) holding a minimum of five lease sales, offering at least 4 million acres each, over the next decade.



The potential Alaska gas deal with China could be a significant development in this context.



Trump&#8217;s meeting with Xi Jinping was also marked by decisions on trade, soybeans, and resources. The reduction in fentanyl tariffs from 20% to 10% was among the key outcomes of the meeting, indicating a potential thaw in the U.S.-China trade relations.



Price Action: West Texas&nbsp;Intermediate crude oil prices are trading at $59.92 per barrel when last checked.



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</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Government

Commodities

Politics

Trump Hints At Potential 'Very Large Scale' Alaska Oil And Gas Deal With China

Comcast Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CMCSA">CMCSA</a>) stock gained on Thursday after the company reported better-than-expected <a href="https://www.benzinga.com/pressreleases/25/10/b48522308/comcast-reports-3rd-quarter-2025-results" target="_blank" rel="noreferrer noopener">third-quarter results</a>, backed by its internet price-lock guarantee and bundled plans.



Total domestic wireless line net additions reached 414,000.



The Philadelphia-based company reported revenue of $31.2 billion, beating the <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">analyst consensus estimate</a> of $30.7 billion.



Also Read: <a target="_blank" href="https://www.benzinga.com/markets/earnings/25/07/46756444/comcast-rides-high-on-theme-park-and-peacock-success" rel="noreferrer noopener">Comcast Rides High On Theme Park And Studio Success</a>



The company lost 104,000 broadband customers during the quarter, reflecting pressure from telecom rivals.&nbsp;Verizon Communications Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VZ">VZ</a>) reported 306,000 <a target="_blank" href="https://www.benzinga.com/markets/earnings/25/10/48491072/verizon-sees-broadband-gains-amid-mixed-financial-results" rel="noreferrer noopener">broadband net additions</a> in the quarter. T-Mobile US, Inc &nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TMUS">TMUS</a>) clocked&nbsp;broadband <a target="_blank" href="https://www.benzinga.com/markets/earnings/25/10/48381282/t-mobile-raises-outlook-so-why-is-wall-street-selling" rel="noreferrer noopener">net customer additions</a> of 560,000 during the quarter.



Comcast also lost 257,000 video subscribers as consumers continued to shift to streaming platforms.



Adjusted earnings per share came in at $1.12, beating analyst consensus estimates of $1.10. Its media segment posted a 19.9% Y/Y revenue decline to $6.6 billion, primarily due to lower domestic advertising and domestic distribution revenue, reflecting the comparison to the Paris Olympics in the prior-year period.



Peacock streaming reported a revenue decline of ~10% Y/Y to $1.36 billion. Peacock's paid subscribers rose 14% Y/Y to 41 million.



Studios' revenue increased by 6.1% Y/Y to $3.0 billion, primarily due to higher content licensing revenue. It got a big boost fromk the release of &#8220;Jurassic World: Rebirth&#8221; in July.



Theme Parks revenue increased by 18.7% Y/Y to $2.7 billion primarily due to higher revenue at domestic theme parks, driven by the successful opening of Epic Universe in May 2025.



Connectivity &amp; Platforms adjusted EBITDA declined 3.5% Y/Y to $8.01 billion, with a margin decline of 120 bps to 39.7%.



Comcast said it generated $4.95 billion in free cash flow during the quarter. The company paid dividends totaling $1.2 billion and repurchased 46.0 million of its shares for $1.5 billion, resulting in a total return of capital to shareholders of $2.9 billion.



Connectivity &amp; Platforms&#8217; capital expenditures increased 19.5% to $2.3 billion, reflecting higher spending on scalable infrastructure and customer premise equipment.



Price Action: Comcast stock was trading higher by 1.79% to $29.04 premarket at last check on Thursday.



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</ul>



Photo by Daniel J. Macy via Shutterstock

TMUS

Comcast Beats Q3 Estimates As Theme Parks Shine, Broadband Losses Mount

On Wednesday, Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) became the world's first company to reach a <a href="https://www.benzinga.com/markets/large-cap/25/10/48518154/nvidia-hits-5-trillion-is-this-the-next-dot-com-bubble-or-ai-gold-rush-the-56x-return-investor-speaks">$5 trillion market capitalization</a>, overtaking both Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>) and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>), as CEO Jensen Huang revealed unprecedented demand for its artificial intelligence chips.



<h2 class="wp-block-heading">Nvidia Hits Historic $5 Trillion Milestone</h2>



Nvidia shares jumped more than 14% in the last five days, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Apple and Microsoft now trail behind, each valued at roughly $4 trillion.



The surge came after Huang's remarks at the company's GTC developer conference in Washington, D.C., where he said Nvidia has secured <a href="https://www.benzinga.com/markets/tech/25/10/48483688/nvidia-ceo-jensen-huang-delivers-stark-message-in-washington-us-cant-win-ai-battle-by-shutting-out-chinas-developers-it-hurts-us-more">more than $500 billion in chip</a> orders through 2026.



"I think we are probably the first technology company in history to have visibility into half a trillion dollars [in revenue]," Huang told attendees, referring to demand for the company's Blackwell and upcoming Rubin chip architectures.



See Also:&nbsp;<a href="https://www.benzinga.com/markets/tech/25/09/47666336/intel-wraps-up-altera-stake-sale-in-bid-to-streamline-business" target="_blank" rel="noreferrer noopener">Intel Wraps Up Altera Stake Sale In Bid To Streamline Business</a>



<h2 class="wp-block-heading">Trump-Xi Meeting May Shape Nvidia's China Future</h2>



Momentum also grew after President Donald Trump said he plans to discuss Nvidia's Blackwell chips with Chinese President Xi Jinping <a href="https://www.benzinga.com/news/politics/25/10/48519309/trump-concludes-amazing-meeting-with-xi-jinping-teases-pretty-soon-trade-deal">during their meeting</a> in Busan, South Korea.



Calling the processor "super-duper" and "probably 10 years ahead of any other chip," Trump hinted that export restrictions could be revisited, <a href="https://fortune.com/2025/10/29/nvidia-first-5-trillion-company-ceo-jensen-huang-500-billion-revenue-blackwell-rubin-gpus-china/">reported</a> Fortune.



Nvidia has struggled with access to China—its market share there plunged from 95% to zero after U.S. export controls took effect. The company reported $2.8 billion in revenue from China last quarter, down from $15.5 billion previously.



<h2 class="wp-block-heading">AI, Manufacturing And Partnerships Drive Growth</h2>



Huang announced that Nvidia's Blackwell GPUs are now in full <a href="https://www.benzinga.com/markets/tech/25/10/48518709/former-intel-ceo-pat-gelsinger-applauds-nvidias-move-to-manufacture-blackwell-ai-chips-in-arizona-well-done-go-faster">production at a facility in Arizona</a>, part of a broader U.S. manufacturing push.



Nvidia has already shipped six million Blackwell chips and expects to deliver 14 million more in the next five quarters.



The company also <a href="https://www.benzinga.com/trading-ideas/movers/25/10/48470355/why-is-nvidia-investing-1-billion-in-nokias-ai-future">unveiled $1 billion in partnerships</a> with Nokia Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NOK">NOK</a>) to develop telecom equipment for 5G and 6G networks and new collaborations with Oracle to build seven AI-powered supercomputers for the U.S. Department of Energy.



Nvidia's meteoric rise—<a href="https://www.benzinga.com/news/23/06/32698111/nvidia-recently-hit-a-1-trillion-market-cap-which-stock-is-next-to-join-club-heres-what-benzinga-use">from a $1 trillion valuation</a> in mid-2023 to $5 trillion today—underscores its central role in powering the global AI boom.



Benzinga's Edge Stock Rankings place the chipmaker in the 97th percentile for Growth and 93rd for Quality, <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">underscoring its robust performance compared to rivals</a> such as Intel (INTC).



<figure class="wp-block-image aligncenter size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30042418/Screenshot-2025-10-30-at-11.48.31%E2%80%AFAM-1.png" alt="" class="wp-image-1139178"/></a></figure>



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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: jamesonwu1972 via Shutterstock

Markets

NVDA

Jensen Huang Says Nvidia Has Visibility Into 'Half A Trillion Dollars' In Revenue As It Surpasses Apple, Microsoft To Hit $5 Trillion Valuation

(Editor&#8217;s note: The future prices of benchmark tracking ETFs, the headline, and the lede were updated in the story.)



U.S. stock futures swung between gains and losses on Thursday following Wednesday's mixed moves. Futures of major benchmark indices were mixed.



The meeting between President Donald Trump and President Xi Jinping yielded <a href="https://www.benzinga.com/news/politics/25/10/48519309/trump-concludes-amazing-meeting-with-xi-jinping-teases-pretty-soon-trade-deal">significant agreements</a>, including reduced U.S. fentanyl tariffs in exchange for China restarting &#8220;tremendous amounts&#8221; of U.S. soybean imports, a settled deal on rare earths, and strong indications that a broader trade deal is &#8220;pretty soon.&#8221; 



Despite the positive meeting, Fed Chair Jerome Powell&#8217;s speech from Wednesday <a href="https://www.benzinga.com/markets/economic-data/25/10/48510387/jerome-powell-press-conference-fed-meeting-october-30-interest-rate-outlook-market-reactions">weighed on stocks</a> as he cautioned that another cut is &#8220;not a foregone conclusion—far from it,&#8221; pushing back against expectations that had built up across financial markets in recent weeks. 



Meanwhile, the 10-year Treasury bond yielded 4.07% and the two-year bond was at 3.59%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 70.4% likelihood of the Federal Reserve cutting the current interest rates during its December meeting. &#8211;



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>-0.19%</td></tr><tr><td>S&amp;P 500</td><td>0.03%</td></tr><tr><td>Nasdaq 100</td><td>0.06%</td></tr><tr><td>Russell 2000</td><td>0.36%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SPY">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were mixed in premarket on Thursday. The SPY was down 0.071% at $686.90, while the QQQ declined 0.031% to $635.57, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Stock Market News Today &#x7C; Alphabet, Meta, Amazon, Apple In Focus &#x7C; Oct 30, 2025" width="500" height="281" src="https://www.youtube.com/embed/JVQhEnI5wWI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading">Stocks In Focus</h2>



<h2 class="wp-block-heading">Alphabet</h2>



<ul class="wp-block-list">
<li>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOG">GOOG</a>) soared 7.57% in premarket on Thursday after reporting better-than-expected financial results for the third quarter, with a revenue of $102.35 billion and earnings of $2.87 per share, both beating estimates.</li>
</ul>



<ul class="wp-block-list">
<li>GOOG maintained a stronger price trend over the short, medium, and long terms, as per Benzinga&#8217;s Edge Stock Rankings, with a robust quality ranking. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="155" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050306/GOOG-EDGE-OCT-30-1-1024x155.png" alt="Benzinga's Edge Stock Rankings for GOOG." class="wp-image-1139281" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050306/GOOG-EDGE-OCT-30-1-1024x155.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050306/GOOG-EDGE-OCT-30-1-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050306/GOOG-EDGE-OCT-30-1-768x117.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050306/GOOG-EDGE-OCT-30-1.png 1153w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Meta Platforms</h2>



<ul class="wp-block-list">
<li>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>) tumbled 7.39% despite upbeat earnings. However, its diluted earnings per share of $1.05, which includes a one-time, non-cash income tax charge of $15.93 billion, made the results not directly comparable to Wall Street estimates of $6.68 per share.</li>
</ul>



<ul class="wp-block-list">
<li>META maintains a stronger price trend over the long term but a weaker trend in the short and medium terms, with a poor value ranking. Additional information is <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="155" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050255/META-EDGE-OCT-30-1024x155.png" alt="Benzinga's Edge Stock Rankings for META." class="wp-image-1139280" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050255/META-EDGE-OCT-30-1024x155.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050255/META-EDGE-OCT-30-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050255/META-EDGE-OCT-30-768x117.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050255/META-EDGE-OCT-30.png 1153w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Microsoft</h2>



<ul class="wp-block-list">
<li>Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>) declined 2.78% as it estimates second-quarter sales of $79.50 billion to $80.60 billion, versus market estimates of $79.95 billion.</li>
</ul>



<ul class="wp-block-list">
<li>MSFT maintained a stronger price trend over short, medium, and long terms, with a strong growth ranking. Additional performance details, as per Benzinga&#8217;s Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="156" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050244/MSFT-EDGE-OCT-30-1024x156.png" alt="Benzinga's Edge Stock Rankings for MSFT." class="wp-image-1139278" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050244/MSFT-EDGE-OCT-30-1024x156.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050244/MSFT-EDGE-OCT-30-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050244/MSFT-EDGE-OCT-30-768x117.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050244/MSFT-EDGE-OCT-30.png 1150w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Amazon.com</h2>



<ul class="wp-block-list">
<li>Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMZN">AMZN</a>) was 0.50% lower ahead of its scheduled earnings to be released after the closing bell. Analysts expect earnings of $1.57 per share on revenue of $177.74 billion.</li>
</ul>



<ul class="wp-block-list">
<li>Benzinga&#8217;s Edge Stock Rankings indicate that AMZN maintains a stronger price trend over the short, medium, and long terms, with a moderate value ranking. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="155" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050235/AMZN-EDGE-OCT-30-1024x155.png" alt="Benzinga's Edge Stock Rankings for AMZN." class="wp-image-1139277" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050235/AMZN-EDGE-OCT-30-1024x155.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050235/AMZN-EDGE-OCT-30-300x45.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050235/AMZN-EDGE-OCT-30-768x116.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050235/AMZN-EDGE-OCT-30.png 1159w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Apple</h2>



<ul class="wp-block-list">
<li>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>) shares were 0.72% higher as analysts expect it to report earnings at $1.77 per share on revenue of $102.17 billion after the closing bell.</li>
</ul>



<ul class="wp-block-list">
<li>AAPL maintained a stronger price trend over short, medium, and long terms, with a poor growth ranking. Additional performance details, as per Benzinga&#8217;s Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="157" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050226/AAPL-EDGE-OCT-30-1024x157.png" alt="Benzinga's Edge Stock Rankings for AAPL." class="wp-image-1139276" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050226/AAPL-EDGE-OCT-30-1024x157.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050226/AAPL-EDGE-OCT-30-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050226/AAPL-EDGE-OCT-30-768x118.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30050226/AAPL-EDGE-OCT-30.png 1153w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Cues From Last Session</h2>



The S&amp;P 500 sectors largely declined on Wednesday, as real estate, consumer staples, and materials stocks recorded the biggest losses.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.55%</td><td>23,958.47</td></tr><tr><td>S&amp;P 500</td><td>-0.0044%</td><td>6,890.59</td></tr><tr><td>Dow Jones</td><td>-0.16%</td><td>47,632.00</td></tr><tr><td>Russell 2000</td><td>-0.87%</td><td>2,484.81</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Insights From Analysts</h2>



Market strategist Ed Yardeni is striking a cautious tone on the economy and stocks, warning the Federal Reserve against fueling market speculation.



Following the Fed&#8217;s recent rate cut, Yardeni argues against the move, stating that easier policy &#8220;is increasing financial instability&#8221; and urging the central bank not to &#8220;feed the animal spirits in the stock market.&#8221;



He views the economy as mixed, pointing to a weak labor market where &#8220;many companies have been announcing headcount reductions.&#8221; Yardeni notes the bond market agrees, saying it &#8220;isn&#8217;t buying the Fed&#8217;s cover story&#8221; as yields rose post-cut.



Separately, LPL&#8217;s Chief Equity Strategist Jeff Buchbinder addresses market psychology, noting investors often fear a &#8220;psychological October Effect&#8221; based on historic crashes.



However, he highlights that this year, the S&amp;P 500 is &#8220;bucking the psychological October Effect&#8221; with strong gains.



Despite this positive momentum, Buchbinder's team &#8220;remains neutral equities,&#8221; favoring large-cap growth while balancing domestic AI potential against foreign upside from a weaker dollar.



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a> 



<h2 class="wp-block-heading">Upcoming Economic Data</h2>



Here's what investors will be keeping an eye on Thursday;



<ul class="wp-block-list">
<li>The latest week&#8217;s initial jobless claims data and third-quarter GDP data will be delayed due to the shutdown, and Fed Vice Chair for Supervision Michelle Bowman will speak at 9:55 a.m. ET.</li>
</ul>



<h2 class="wp-block-heading">Commodities, Gold, Crypto, And Global Equity Markets</h2>



Crude oil futures were trading lower in the early New York session by 0.63% to hover around $60.10 per barrel.



Gold Spot US Dollar rose 1.12% to hover around $3,974.64 per ounce. Its last record high stood at $4,381.6 per ounce. The U.S. Dollar Index spot was 0.06% lower at the 99.1620 level.



Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was trading 2.01% lower at $110,746.25 per coin.



Asian markets closed lower on Thursday, except South Korea's Kospi and Japan's Nikkei 225 indices. Australia's ASX 200, Hong Kong's Hang Seng, India&#8217;s NIFTY 50, and China&#8217;s CSI 300 indices fell. European markets were mostly lower in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/10/48518230/jim-cramer-says-i-want-president-trump-to-let-the-chinese-have-nvidias-chips-amid-trump-xi-summi">Jim Cramer Says &#8216;I Want President Trump To Let The Chinese Have&#8217; Nvidia&#8217;s Chips Amid Trump-Xi Summit</a></li>
</ul>



Photo courtesy: Shutterstock

Market Summary

Guidance

Futures

Treasuries

Pre-Market Outlook

Stock Market Today: Dow Futures Decline, S&P 500, Nasdaq Swing Following Fed Rate Cuts, Trump-Xi Meet—Amazon, Apple Earnings In Focus (UPDATED)

Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOG">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>) reported a <a href="https://www.benzinga.com/markets/earnings/25/10/48512063/alphabet-q3-earnings-revenue-eps-top-estimates-google-parent-raises-capex-guidance-on-strong-momentum-across-the-business">stellar third quarter</a>, achieving its first-ever $100 billion revenue quarter, signaling that the company's aggressive &#8220;full stack&#8221; approach to AI is now translating into significant financial gains across its core businesses.



Check out&nbsp;<a href="https://www.benzinga.com/quote/GOOG">GOOG's stock price here.</a>



<h2 class="wp-block-heading">AI Backlog Explodes To $155 Billion</h2>



The standout performer was Google Cloud, which saw its AI-driven backlog surge by an astonishing 46% sequentially to $155 billion.



This monumental increase underscores robust enterprise demand, with CFO Anat Ashkenazi highlighting that Cloud has signed more billion-dollar deals in the first nine months of 2025 than in the previous two years combined



"Cloud had another great quarter of accelerating growth with AI revenue as a key driver," said Sundar Pichai, CEO of Alphabet, emphasizing the direct link between AI adoption and Cloud's success.



<h2 class="wp-block-heading">Google Search Gets An &#8216;Expansionary&#8217; AI Boost</h2>



Google&#8217;s foundational Search business is also experiencing an &#8220;expansionary moment&#8221; thanks to AI. AI Overviews and AI Mode are actively driving query growth, with AI Mode alone now boasting over 75 million daily active users globally.



Pichai noted, &#8220;Our full stack approach to AI is delivering strong momentum and we&#8217;re shipping at speed, including the global rollout of AI Overviews and AI Mode in Search in record time.&#8221; This growth in user engagement, even for commercial queries, suggests that AI is enhancing, rather than cannibalizing, Google's advertising ecosystem. 



The results solidify venture capitalist&nbsp;Chamath Palihapitiya&#8216;s statement that the generative&nbsp;<a href="https://www.benzinga.com/markets/tech/25/10/48271066/ai-boom-poised-to-unlock-8-trillion-opportunity-say-top-analysts-investment-levels-are" target="_blank" rel="noreferrer noopener">AI race</a>&nbsp;will ultimately be won by <a href="https://www.benzinga.com/markets/equities/25/10/48295274/chamath-palihapitiya-sees-current-tech-giants-having-an-upper-hand-in-ai-wars-google-has-a-huge-runway">established tech incumbents</a>, not new startups, citing their "massive distribution" as the decisive factor. In an X post on Oct. 20, he stated that Google Gemini "has a huge runway ahead of itself as their models and services become better."



See Also: <a href="https://www.benzinga.com/markets/earnings/25/10/48512063/alphabet-q3-earnings-revenue-eps-top-estimates-google-parent-raises-capex-guidance-on-strong-momentum-across-the-business">Alphabet Q3 Earnings: Revenue, EPS Top Estimates, Google Parent Raises CapEx Guidance On &#8216;Strong Momentum&#8217; Across The Business</a>



<h2 class="wp-block-heading">YT Shorts Earn More Revenue Per Hour Than Traditional Video</h2>



YouTube, another critical segment, reported a 15% increase in advertising revenue, with a significant milestone reached.



YouTube Shorts now generates more revenue per watch hour than traditional in-stream video in the U.S. This addresses prior concerns about short-form content monetization.



<h2 class="wp-block-heading">Alphabet Raises CapEx, Signaling &#8216;Significant Increase&#8217; In 2026</h2>



To meet the escalating demand for its AI infrastructure and services, Alphabet announced a significant increase in its 2025 capital expenditures to between $91 billion and $93 billion, with a &#8220;significant increase&#8221; projected for 2026.



This aggressive investment, including scaling NVIDIA GPUs and Google&#8217;s own TPUs, demonstrates confidence in the long-term returns from its AI leadership. As Pichai concluded, "Our leadership in AI positions us so well for the opportunity ahead."



<h2 class="wp-block-heading">GOOG Clocks Over 44% Returns In 2025</h2>



Shares of GOOG closed 2.51% higher at $275.17 apiece on Thursday and advanced by 6.73% in after-hours. The stock advanced 44.35% on a year-to-date basis and 56.22% over the year.



It maintains a stronger price trend over the short, medium, and long terms, as per Benzinga&#8217;s Edge Stock Rankings, with a poor value ranking. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="155" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30023337/GOOG-EDGE-OCT-30-1024x155.png" alt="Benzinga's Edge Stock Rankings for GOOG. " class="wp-image-1138962" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30023337/GOOG-EDGE-OCT-30-1024x155.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30023337/GOOG-EDGE-OCT-30-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30023337/GOOG-EDGE-OCT-30-768x117.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/30023337/GOOG-EDGE-OCT-30.png 1153w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



On Thursday, the futures of the S&amp;P 500, Dow Jones, and Nasdaq 100 indices were lower.



Meanwhile, on Wednesday, the S&amp;P 500 index slipped 0.0044% to 6,890.59, whereas the Nasdaq 100 index rose 0.41% to 26,119.85. On the other hand, Dow Jones declined 0.16% to end at 47,632.00.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/10/48295274/chamath-palihapitiya-sees-current-tech-giants-having-an-upper-hand-in-ai-wars-google-has-a-huge-runway">Chamath Palihapitiya Sees Current Tech Giants Having An Upper Hand In AI Wars: &#8216;Google Has A Huge Runway&#8217;</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: Shutterstock

Alphabet's AI Bet Delivers Record $100 Billion Quarter, Cloud Backlog Surges To $155 Billion

The much-awaited meeting between President&nbsp;Donald Trump&nbsp;and Chinese President&nbsp;Xi Jinping&nbsp;on Thursday concluded with significant decisions on trade, soybeans, and resources.



The two leaders met at the sidelines of the APEC summit <a href="https://www.benzinga.com/news/politics/25/10/48486939/trump-honored-with-gold-crown-military-parade-ketchup-feast-as-south-korea-hails-him-peacemaker">in Busan, South Korea</a>. The first in-person meeting between the two since Trump&#8217;s second term began in January, for about an hour and 40 minutes.



<h2 class="wp-block-heading">Reduced Fentanyl Tariffs, Soybean And Rare Earth Deal</h2>



Trump told reporters aboard Air Force One about the <a href="https://www.benzinga.com/25/05/45370909/china-rejects-us-blame-for-fentanyl-crisis-calls-tariff-penalties-unreasonable-amid-easing-trade-tensions">reduction in fentanyl</a> tariffs from 20% to 10%. The reduced fentanyl tariffs will take effect immediately, lowering the levy on Chinese exports to 47% from 57%. Trump still called the subject of fentanyl very &#8220;complex&#8221; and expressed confidence that Xi would &#8220;work hard&#8221; to stop the related deaths.



In exchange, Beijing has pledged to step up measures against fentanyl trafficking and restart imports of &#8220;tremendous amounts&#8221; of U.S. soybeans and other agricultural goods, as per Trump. He also <a href="https://www.benzinga.com/markets/commodities/25/10/48485186/china-reportedly-resumes-us-soybean-purchases-before-trump-xi-meeting">appreciated China&#8217;s gesture </a>to resume &#8220;large quantities&#8221; of soybean imports.



The President also said that the U.S. and China have reached an agreement&nbsp;on <a href="https://www.benzinga.com/trading-ideas/movers/25/10/48126163/rare-earth-stocks-climb-as-china-adds-restrictions">rare earths and critical&nbsp;minerals</a>. Rare earth issue &#8220;has been settled,&#8221; Trump stated, adding that the agreement will be renegotiated annually.&nbsp;



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="FULL VIDEO: President Trump Holds Air Force One Press Gaggle After Meeting With China&#039;s Xi Jinping" width="500" height="281" src="https://www.youtube.com/embed/g6GfiUnj5jE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading">Nvidia Talks Does Not Include Blackwell</h2>



Trump said he had discussed the sale of Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) <a href="https://www.benzinga.com/markets/tech/25/09/47678552/nvidia-ai-chips-china-crisis-trump-nvda-stock">chips to China</a> with President Xi, adding that it was now up to Beijing to continue talks with the company. &#8220;That&#8217;s really between you and Nvidia,&#8221; Trump is said to have told the Chinese president.



However, he clarified that the discussion <a href="https://www.benzinga.com/markets/tech/25/10/48486650/trump-to-discuss-nvidias-super-duper-ai-chips-with-xi-hints-at-meeting-jensen-huang">did not cover the sale </a>of Nvidia's latest Blackwell chips to China. 



See Also: <a href="https://www.benzinga.com/markets/large-cap/25/10/48518154/nvidia-hits-5-trillion-is-this-the-next-dot-com-bubble-or-ai-gold-rush-the-56x-return-investor-speaks">Nvidia Hits $5 Trillion: Is This The Next Dot-Com Bubble Or AI Gold Rush? The 56x Return Investor Speaks</a>



<h2 class="wp-block-heading">Trade Deal &#8216;Pretty Soon&#8217;</h2>



When asked about signing the trade deal with China, Trump replied, &#8220;pretty soon.&#8221; He added, &#8220;We have not too many major stumbling blocks.&#8221;



Trump also announced plans to visit China in April, adding that Xi is expected to make a return visit to the U.S., though no specific dates were provided. Overall, he called the meeting &#8220;amazing&#8221; and rated it a &#8220;12 out of 10,&#8221; emphasizing the positive outcomes and agreements reached.



<h2 class="wp-block-heading">Geopolitical Issues Discussed</h2>



Trump also noted that Taiwan was not part of the talks, but <a href="https://www.benzinga.com/markets/commodities/25/10/48376847/china-slams-trumps-russia-sanctions-kremlin-calls-it-an-act-of-war-as-eu-unveils-new-measures">the topic of Ukraine </a>was discussed extensively. He emphasized that the U.S. is willing to work with China toward resolving the conflict.



<h2 class="wp-block-heading">Xi Willing To Work With Trump</h2>



Xi said China's growth aligns with Trump's vision to "Make America Great Again," emphasizing that "China and the U.S. should be partners and friends," as <a href="https://www.chinadaily.com.cn/a/202510/30/WS6902f25fa310f735438b7ce9.html">reported </a>by China Daily.



He added that both nations are "fully able to help each other succeed and prosper together" and expressed readiness to work with Trump to "build a solid foundation for China-U.S. relations and create a sound atmosphere for the development of both countries."



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Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Trump Concludes 'Amazing' Meeting With Xi Jinping, Teases 'Pretty Soon' Trade Deal

Leading cryptocurrencies fell alongside major stock indexes on Wednesday as Federal Reserve Chair Jerome Powell said that a year-end interest rate cut is &#8220;not a foregone conclusion.&#8221;



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 9:25 p.m. ET)</th></tr></thead><tbody><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-1.55%</td><td>$110,501.39</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-1.39%</td><td>$3,918.16</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-1.89%</td><td>$2.56</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+0.14%</td><td>$194.05</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-0.37%</td><td>$0.1927</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Cryptos Fall As Investors Remained Fearful</h2>



Bitcoin fluctuated between $110,000 and $113,000 during the day, accompanied by a drop in trade volume.



Ethereum attempted to break above $4,000 but faced repeated rejections. The second-largest cryptocurrency is trading down over 20% from its all-time high.



Nearly $600 million was liquidated from the cryptocurrency market in the last 24 hours, <a href="https://www.coinglass.com/LongShortRatio">according </a>to Coinglass, with an overwhelming majority of long positions wiped out.



That said, nearly $580 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rebounds to $117,000.



Bitcoin's open interest, meanwhile, rose 1.65% in the last 24 hours.  An increase in open interest coinciding with a price decrease mainly indicates new short positions being opened.



The market remained gripped in "Fear," according to the Crypto Fear &amp; Greed Index.



Top Gainers (24 Hours)&nbsp;



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency (Market Cap&gt;$1 Billion)</th><th>Gains +/-</th><th>Price (Recorded at 9:25 p.m. ET)</th></tr></thead><tbody><tr><td>Pump.fun (PUMP )&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+14.34%</td><td>$0.005229</td></tr><tr><td>OFFICIAL TRUMP (TRUMP)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+14.28%</td><td>$8.46</td></tr><tr><td>Zcash (ZEC )&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+11.56%</td><td>$355.88 </td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.74 trillion, contracting 1.50% in the last 24 hours.



<h2 class="wp-block-heading">Stocks Slide After Powell&#8217;s Hawkish Tone</h2>



Stocks retreated on Wednesday. The Dow Jones Industrial Average fell 74.37 points, or 0.16%, to 47,632.00. The S&amp;P 500 closed lower at 6,890.59. The tech-heavy Nasdaq Composite bucked the declines, rallying 0.55% to close at a new record of 23,958.47.



The Fed lowered interest rates by 25 basis points to 3.75%-4.00% for the second straight meeting, but Fed Chair Powell cautioned that a year-end cut is <a href="https://www.benzinga.com/markets/economic-data/25/10/48510387/jerome-powell-press-conference-fed-meeting-october-30-interest-rate-outlook-market-reactions">"not a foregone conclusion,"</a> pushing back against investor expectations.



Following Powell&#8217;s comments, odds of the central bank keeping the rates unchanged surged to 67%, from only 9% a day ago, <a href="https://www.benzinga.com/markets/economic-data/25/10/48510387/jerome-powell-press-conference-fed-meeting-october-30-interest-rate-outlook-market-reactions">according </a>to the CME FedWatch tool.



<h2 class="wp-block-heading">BTC&#8217;s Short-Term Rally On The Way?</h2>



On-chain analytics firm CryptoQuant noted that Binance funding rates have remained positive over the past week.



"When rates move back into positive territory, Bitcoin often begins a new short-term uptrend," CryptoQuant stated. "This may signal that the groundwork for the next rally is already being laid."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Binance Funding Rates Turn Positive: Is a New Rally Beginning? "Since October 22, 2025, the metric has stayed positive, suggesting renewed support for Bitcoin's recovery on both spot and derivatives markets." – By <a href="https://twitter.com/burak_kesmeci?ref_src=twsrc%5Etfw">@burak_kesmeci</a> <a href="https://t.co/VbhuZmivUE">pic.twitter.com/VbhuZmivUE</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1983442152962347261?ref_src=twsrc%5Etfw">October 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Widely followed cryptocurrency analyst Daan Crypto Trades highlighted that Bitcoin remains trapped in the $107,000-$116,000 range, with two rejections at $116,000.



"The main levels are still $107,000 &amp; $116,000 in the short to mid term. Anything in between those levels is just chop," the analyst added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Still in the range. $116K rejected twice now and price has moved back down closer to its large volume node around $111K. Currently trading around the 4H 200EMA (Blue) after losing the 200MA (Purple). Definitely some loss of momentum after the rally from the days prior. The… <a href="https://t.co/HQiRsXKiz9">https://t.co/HQiRsXKiz9</a> <a href="https://t.co/W2OVes01vf">pic.twitter.com/W2OVes01vf</a>&mdash; Daan Crypto Trades (@DaanCrypto) <a href="https://twitter.com/DaanCrypto/status/1983504589191295428?ref_src=twsrc%5Etfw">October 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo Courtesy: Sodel Vladyslav on Shutterstock.com



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Bitcoin, Ethereum, XRP, Dogecoin Dip As Fed Chair Powell Pours Cold Water On December Rate Cut Hopes: Analyst Says Watch Out For These Key BTC Levels

Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>) saw its stock tumble 7.37% in after-hours trading on Wednesday <a href="https://www.benzinga.com/markets/earnings/25/10/48513171/meta-stock-drops-after-q3-earnings-capex-will-be-notably-larger-in-2026">following its earnings release</a>, but Wedbush analyst Dan Ives believes the pullback misses the bigger picture.



<h2 class="wp-block-heading">Dan Ives Says Meta's Spending Surge Is Fuel For The AI Revolution</h2>



Taking to X, formerly Twitter, Ives defended Meta's massive capital expenditure increase.



"We want Meta to increase CapEx and they did. Any sell-off is short sighted," Ives wrote.



"Zuck is wartime CEO and leading Meta into next stage of AI Revolution. Increase in Capex gonna happen across tech and bullish for Nvidia, AMD, and cloud players. This the fuel for AI Revolution."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We want Meta to increase Capex and they did. Any sell off is short sighted. Zuck is wartime CEO and leading Meta into next stage of AI Revolution. Increase in Capex gonna happen across tech and bullish for Nvidia, AMD, and cloud players. This the fuel for AI Revolution &#x1f525;&#x1f3c6;&#x1f402;&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1983645715130875956?ref_src=twsrc%5Etfw">October 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



His comments came as Meta reported capital expenditures, including lease payments, of $19.4 billion, driven by investments in servers, data centers and network infrastructure.



Meta CFO Susan Li during the earnings call said, "We currently expect 2025 capital expenditures, including principal payments on finance leases, to be in the range of $70 to $72 billion, increased from our prior outlook of $66 to $72 billion."



See Also:&nbsp;<a href="https://www.benzinga.com/news/politics/25/09/47492041/mitch-mcconnell-says-trump-tariffs-ushered-era-has-similarities-with-the-1930s-this-is-the-most-dangerous-period-since-before-world-war-two" target="_blank" rel="noreferrer noopener">Mitch McConnell Says Trump Tariffs-Ushered Era Has ‘Similarities' With The 1930s: ‘This Is The Most Dangerous Period Since Before World War Two'</a>



<h2 class="wp-block-heading">Zuckerberg Doubles Down On AI Infrastructure</h2>



In prepared remarks, CEO Mark Zuckerberg said capital spending growth in 2026 will be "notably larger" than in 2025.



Meta's aggressive AI push mirrors similar strategies across Silicon Valley, where companies like Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) and Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMD">AMD</a>) are expected to benefit from rising demand for high-performance computing.



<h2 class="wp-block-heading">Meta's Q3 Earnings Beat Adjusted Estimates</h2>



For the third quarter, Meta reported diluted earnings per share of $1.05, including a one-time, non-cash income tax charge of $15.93 billion, which makes it not directly comparable to analyst estimates of $6.68.



On an adjusted basis, EPS stood at $7.25, according to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>.



The company guided fourth-quarter revenue between $56 billion and $59 billion, compared with the Street estimate of $57.21 billion.



According to Benzinga's Edge Stock Rankings, Meta ranks in the 92nd percentile for stock quality — <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">click here to see how it stacks up against other top competitors</a>.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29215257/Screenshot-2025-10-30-at-7.19.50%E2%80%AFAM.png" alt="" class="wp-image-1138662"/></a></figure>



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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo Courtesy: Skorzewiak on Shutterstock.com

Mark Zuckerberg Is A 'Wartime CEO' And Leading Meta Into Next Stage Of AI Revolution, Says Dan Ives — Stock Sell-Off Is Short-Sighted

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