Alphabet was indicated 10% lower after raising $41 billion of outside money. Oracle rose 11% the day it capped its own.
Stock futures split early Thursday, hours before growth and inflation data.
S&P 500 futures were down about 0.2% and Nasdaq-100 futures about 1%, while Dow futures rose about 0.6%. On Wednesday, the Fed held its target range at 3.75% to 4% in a 10-2 vote. The S&P 500 rose 0.3%, and the 10-year Treasury yield closed near 5.04%. Third-quarter GDP and September PCE inflation are due at 8:30 a.m., and the ECB decides at 9:15 a.m. Oil slipped after reports of a letter to Tehran. U.S. crude was near $101.40, down about 1.3%. Bitcoin ETFs took in money for a third day. Bitcoin was near $80,100 after dipping below $80,000 overnight.
Nasdaq futures fell.
Dow futures did not.
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Three AI builders showed three ways to pay for the build.
Alphabet spent $51 billion on capital projects and raised $41 billion to pay for it. Alphabet (GOOGL) said Google Cloud revenue rose 103% to $30.7 billion. Free cash flow was negative $9.1 billion, its second negative quarter in a row. It sold $28.7 billion of notes and $12.4 billion of stock in the quarter. Microsoft (MSFT) spent $45.2 billion, below estimates, and said some third-party deliveries were delayed. It also trimmed its 2026 spending outlook to about $170 billion, citing the same delays. Its free cash flow was $18.6 billion. Alphabet was indicated about 10% lower early Thursday and Microsoft about 3% higher.
Oracle capped new capital-markets funding at $20 billion through fiscal 2030. Oracle (ORCL) expects that to be $10 billion of equity and $10 billion of debt. That comes on top of $20 billion of stock it sold earlier this fiscal year. It set positive free cash flow for the second half of fiscal 2028. Its fiscal 2030 revenue target of more than $225 billion was close to analysts' forecasts. The shares rose 10.6% on Wednesday.
Two Ways to Pay
All three are spending heavily on AI. Alphabet raised outside money, missed on advertising and was indicated lower. Oracle capped future outside money and rose on Wednesday. Microsoft paid from its own cash flow. Amazon's spending and cash flow after Thursday's close come next.
Private and state money lined up large checks for AI assets.
TPG is in talks to buy Elliott's UK data-center business for about $5 billion. The Financial Times reported the talks, citing people familiar with the matter, and said a deal is not guaranteed. Ark Data Centres runs a joint venture with the UK Cabinet Office that hosts government data. Elliott has owned Ark since 2012. Whether the figure is enterprise or equity value has not been reported.
South Korea's state fund was the biggest investor in FuriosaAI's new round. The chip startup raised $620 million at a post-money valuation of about $2.9 billion. Its previous valuation was about $735 million. Korea's National Growth Fund committed about $280 million. FuriosaAI's RNGD chip, built to run AI models, is in mass production.
Patient Money Still Pays
Alphabet's shares were indicated lower after it raised outside money. Private and state investors are still supplying that kind of money to AI assets. TPG would buy demand anchored by a government customer. Korea's fund backed a chip already in production at nearly four times its prior value. A signed Ark deal and FuriosaAI's shipments will show what those prices buy.
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Two consumer companies missed on earnings per share while selling to more customers. Both were indicated higher.
Carvana sold 39% more cars and missed on earnings per share. Carvana (CVNA) sold 217,385 retail units in the third quarter. Revenue rose 42% to $8.04 billion, above forecasts. Earnings of 39 cents a share fell short of forecasts. Carvana expects full-year adjusted EBITDA at the high end of its range. The stock was indicated about 8% higher early Thursday.
Chipotle missed on earnings, and more people came through the door. Chipotle (CMG) said comparable restaurant sales rose 2.1%, above the 1.4% analysts expected. Transactions rose 0.8%. Earnings of 27 cents a share missed the 29-cent estimate. The shares were indicated about 7% higher.
Customers Over the Miss
In both reports, volume grew and the per-share line missed. Early quotes favored volume. Units did most of Carvana's work, and traffic did part of Chipotle's. Thursday's regular session will show whether the early bids hold.
Ceasefire contracts priced a date, and Utah charged a venue's founders.
Ceasefire bets rose as reports of a letter to Tehran spread. Polymarket's contract on the U.S.-Iran ceasefire holding through Nov. 8 was near 81.5 cents. It jumped from about 73.5 cents in the 7 p.m. hour Wednesday and has held there since. The Nov. 15 contract was near 58.5 cents. Reports Wednesday evening said Vice President JD Vance had written to Iran's security chief about restarting talks. President Trump said the outreach concerned medical supplies and denied directing peace talks.
Utah filed criminal charges against Kalshi and its founders. The 14 counts against Kalshi, Tarek Mansour and Luana Lopes Lara include 13 felonies. They rest on 12 sports wagers an undercover state investigator placed. Kalshi called the charges "crazy overreach." The CFTC sued Utah earlier this week to block its enforcement.
The Calendar and the Courtroom
The Nov. 15 price still implies about a 41.5% chance of a U.S. strike by then, on a thinner book. Two diplomats told the Associated Press that allies were told to prepare for possible action after the midterms. Neither the price nor the report says what Washington will do. Utah's case tests whether a state can charge a federally registered venue's founders. The Oct. 31 contract's expiry and the first court date in Utah come next.
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Futures split before GDP and PCE.
Alphabet was indicated lower after raising outside money, and Oracle rose the day it capped its own. TPG and Korea's state fund lined up money for AI assets. Carvana and Chipotle missed on earnings per share and were indicated higher as volume grew. Ceasefire contracts priced a date, and Utah charged Kalshi's founders.
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