WS #13021

The dominant narrative remains the historic META selloff, now extending to 10 consecutive days after a Q3 revenue guide miss ($62.5B vs $63.2B expected) and free cash flow collapsing 91% to $784M. Multiple sources (Bluesky, Techmeme, Seeking Alpha) corroborate the severity, with costs up 55% YoY and Reality Labs cumulative losses reaching $87B. However, a strong MAG7 counter-signal emerges from MSFT, which reported Azure revenue surpassing $100B run rate with 43% YoY growth, providing concrete AI ROI proof. Geopolitically, US and Saudi joint airstrikes on Iran-backed militia sites in Iraq, combined with an Iranian drone strike on an Egyptian oil tanker, escalate Middle East tensions and support oil prices. The 30-year Treasury yield surged to a 19-year high following Fed Chair Warsh's hawkish stance, with the bond market calling his bluff on inflation. On the earnings front, Starbucks (SBUX) beat Q3 estimates with 7.9% global comp sales growth and raised annual outlook, while Qualcomm (QCOM) provided cautious Q4 handset revenue guidance (~$5.2B) and flat IoT outlook, weighing on semiconductor sentiment. Robinhood (HOOD) posted a double beat but crypto revenue fell 38% QoQ, sending shares down 4% AH. The US Senate unanimously passed a resolution opposing a pardon for Ghislaine Maxwell, a non-binding but politically symbolic move.