Growth and price data land at 8:30. Wall Street's record-keeper now turns stocks into tokens. ServiceNow was quoted about 18% lower early Thursday. Amazon and Coinbase report tonight.
$41 billion.
Alphabet raised about $41 billion last quarter to help pay for what it spent. Most came from bonds. The rest, $12.4 billion, came from new stock. It spent less than forecast. Still, it spent about $9.1 billion more than its business brought in. Google Cloud's sales more than doubled.
Spending below forecast still needed outside cash.
- At 8:30 a.m., the U.S. reports third-quarter growth and September prices. The ECB decides at 9:15.
- U.S. crude slipped early Thursday. Shortly after 6 a.m., it was just above $101. Heating oil was down about 11 cents a gallon.
- Early Thursday, ServiceNow (NOW)was quoted about 18% lower. It forecast faster subscription growth next quarter but slower growth in signed future sales, and its earnings missed slightly.
- Bitcoin fell to near $80,000 early Thursday, even as spot bitcoin funds took in money for a third day. Amazon, Coinbase and Strategy report after the close.
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The Fed Chair Said Tech Investment Is Leading. Two of the Biggest Spenders Came In Below Forecasts.
Fed Chair Kevin Warsh said Wednesday that business investment was "likely rising at about a double-digit pace." High tech was leading, he said. Hours later, Alphabet and Microsoft both reported spending below forecasts.
Both still spent far more than a year ago. Alphabet's spending more than doubled, and it kept its plan for the year. Microsoft said some data-center space it expected from others came late. It plans to spend more than $50 billion this quarter. It also lowered its 2026 spending outlook to about $170 billion, citing the same delays. Early Thursday, Alphabet (GOOGL) was quoted about 10% lower. Microsoft (MSFT) was quoted about 3% higher.
Last night's PMD said today's data would test the economy Warsh described. Prices are expected to be up 3.7% from a year ago. Futures put the odds of a December hike near 85% at Wednesday's close. The 10-year yield ended near 5.05%. The Mortgage Bankers Association's weekly survey had 30-year rates near 7.4%.
For Borrowers, AI Borrowing May Compete for Long-Term Money
Alphabet has added nearly $79 billion of long-term debt this year. One reading: borrowing on that scale adds to the long-term debt investors must take in. A hot price report would add a second weight on long yields. Those yields steer mortgage and loan rates.
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SIGNAL 1: TPG Is Reported in Talks for Elliott's Data-Center Firm at About $5 Billion. The Price Basis Isn't Known.
TPG is in talks to buy Ark Data Centres from Elliott, the Financial Times reported. The deal would value Ark at about $5 billion. The talks could still fail. Both firms declined to comment. Ark runs 27 data centers in Britain and Belgium. It also has a joint venture with the British government that hosts data for public bodies.
Elliott, which owns most of Ark, bought it in 2012. No one has said if the $5 billion counts debt. Data-center prices rest on big-tech demand. Two of the biggest spenders just came in below forecasts.
WHAT RESOLVES THIS
Watch for a signed deal or an end to talks, the price basis, and which TPG fund pays.
SIGNAL 2: Wall Street's Record-Keeper Now Turns Stocks and Treasuries Into Tokens. It Still Keeps the Books.
DTCC, the firm behind Wall Street's main record-keeper, launched a new service. It turns shares and bonds held at its DTC unit into blockchain tokens and back. Twenty banks and brokers have signed up, among them JPMorgan, Citi and Morgan Stanley. Each token carries the same rights as the share or bond behind it. DTC stays the official record.
The first networks are Canton and the firm's own private chain. Tokens can move at any hour, but only between approved wallets on the same chain. Switching between the two forms runs on business days. Assets are drawn from the Russell 1000, major index funds and Treasuries.
WHAT RESOLVES THIS
The full list of eligible securities is not yet public. Next come the first month's volumes. More networks are due in 2027.
SIGNAL 3: Utah Charged Kalshi and Its Founders With Felonies. The U.S. Had Sued Utah Two Days Earlier.
Utah filed 14 criminal counts against Kalshi and its two co-founders. Thirteen are felonies. Twelve are for promoting online gambling. The charges rest on 12 sports bets by an undercover state agent. No one has been convicted. Kalshi called the charges "crazy overreach."
Two days earlier, the U.S. had sued Utah to block its enforcement. It says U.S. law, not state gambling law, covers these contracts. Courts have backed Utah so far. A U.S. judge ruled for it in August. In September, an appeals court denied an injunction. The fight reaches past Kalshi. On Wednesday, PMD reported that prediction markets now earn Robinhood more than crypto does.
WHAT RESOLVES THIS
The first court date in the criminal case, and any ruling in the federal suit. Coinbase, which is building similar products, reports tonight.
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- Wendy's said independent directors will weigh the Trian group's $7.35-a-share proposal. They have no ties to the bidders. The board formed their committee in February, after a Trian filing. A deal is not assured, Wendy's said. The shares closed Wednesday at $7.07.
- South Korea's state fund was the biggest backer in FuriosaAI's $620 million round. The AI chip startup is valued at about $2.9 billion after the round. That is nearly four times its prior value. It has not disclosed revenue.
- Shell will buy back $5 billion of stock over the next three months. Its adjusted profit rose from the second quarter, to $10.8 billion. TotalEnergies plans buybacks too. Crude was falling as both reported.
Private Market Trends Driving Public Market Moves
Alphabet spent less than forecast. It still needed outside money.
Alphabet spent less than forecast and still raised about $41 billion. TPG is reported in talks for a data-center firm at about $5 billion. Korea's state fund wrote the biggest check in an AI chip round. One reading: more of the build now runs on outside money, public and private. Today's price data could move what long-term lenders charge.
On the calendar...
When
Event
Thu., Oct. 29
Q3 GDP and September PCE prices, 8:30 a.m.; ECB decision, 9:15 a.m.; seven-year note sale, 1 p.m.; Amazon, Intel, Coinbase and Strategy report after the close; Bank of Japan decision, late evening
Fri., Oct. 30
Q3 employment cost index; Exxon Mobil and Chevron report
Sun., Nov. 1
OPEC+ meeting; AVID's deadline to match on Ingenia
Tue., Nov. 3
U.S. midterm elections; Apollo reports
Rates Just Reset. Who Feels It First?
On January 2, the 10-year Treasury yielded 4.19%. By September 30, it was 5.29%. Most of that move landed in a single quarter.
The bond market repriced and companies are starting to report it.
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Rates Just Reset. Who Feels It First?
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