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$Apple(AAPL.US) just unveiled its first touchscreen Mac ever

The new MacBook Pro with PROLED XDR Display starts at $2,899 for the 14-inch and $3,399 for the 16-inch

That's $400 more than the current M5 Pro MacBook Pro and $900 above the new M6 model

It brings the first OLED screen, the first touch input and the Dynamic Island to the Mac, with up to 2,000 nits of brightness and up to 24 hours of battery life

It runs on M5 Pro and M5 Max with up to 128GB of memory and 16TB of storage

Preorders open today, shipping starts November 6

$Apple(AAPL.US) is down about 0.4% on the day, trading near $346

Apple held off on a touchscreen Mac for years, and putting it on its priciest laptop first says the bet is on margin over volume, and a holiday-quarter launch at nearly $3,000 is a real test of how much premium pros will still pay

Source: StockMarket.News

We're in the early stages of a multi year Mac super cycle.

This morning, $Apple(AAPL.US) announced some Mac updates, including 14-inch MacBook Pro and iMac models (M6 chips). Still waiting on the first touchscreen Mac announcement later this morning.

Pricing is unchanged today. Keep in mind that late in June they raised the price of the MacBook by 18% and the iMac by 16%.

My take: There is upside to the Mac over the next two years. Mac has gone from 8.6% of revenue in June 2025 to 9.5% in June 2026. Last quarter it grew 29%. The Street is expecting 12% y/y in Sep ’26, going to 6% growth in FY27 and FY28.

Most important: I believe we are in the early stages of a multi-year AI-powered hardware upgrade cycle. Consumers and businesses will need to buy new hardware, even at higher prices, to fully leverage AI. That’s good for Mac growth. I expect FY27 Mac to grow above 10% (Street at 6%) and FY28 above 10% (Street at 6%).

Source: Gene Munster

I spent the weekend pushing the new Siri and am happy to report it's leap forward.

But once you've used personal agents, you ask Siri to do things it can't.

That begs the question; Which is harder to copy: Apple's ecosystem or a great personal agent? I used to think the ecosystem. Now I'm not so sure.

$Apple(AAPL.US) reports next Monday. The most important topic is the shifting AI goal posts.

In June the conversations was around was when will the new Siri come out.

Now it's what's their answer to Muse, Grok Bot and Dots.

Source: Gene Munster

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. SpaceX $SpaceX(SPCX.US) has signed a binding commitment letter with an Apollo Global Management-managed entity for a massive $40B GPU financing arrangement to support its expanding AI data center infrastructure. Under the proposed agreement, Apollo's entity would purchase GPU pods and related data center equipment and lease them to SpaceX, with approximately $40B in aggregate principal payments spread across lease terms of 5 to 5.25 years. The transaction is expected to close before year-end, with GPU deliveries and lease payments beginning in the first half of 2027. Importantly, the $40B figure excludes interest and additional financing costs, with the final borrowing rate still to be determined, highlighting the enormous capital requirements behind SpaceX's AI infrastructure expansion.

2. Anthropic has reportedly filed its S-1 for a U.S. IPO, seeking to list on the Nasdaq under ticker $Anthropic(ANT.US), with Goldman Sachs, Morgan Stanley, and JPMorgan leading the offering. The filing shows explosive growth, with H1 2026 revenue surging to $16.3B from $1.16B a year earlier, including $13.1B in consumption-based revenue and $3.2B from subscriptions. Anthropic now has more than 11,900 customers spending $100K+ annually, including 1,900 spending over $1M and approximately 250 spending over $10M, while net revenue retention reached roughly 900% as of September 30. Despite the growth, Anthropic reported an $80.7B net loss, largely driven by a $72.4B noncash fair-value charge tied to convertible notes, while its operating loss narrowed to $693M. The biggest revelation is the company's enormous AI infrastructure commitments extending as far as 2045, including approximately $161B in Broadcom TPU leases, $120.5B with SpaceXAI, $114.5B with Google, $110B with Amazon, $44.9B with Microsoft, and tens of billions more with Nscale, Lambda, and AMD, alongside roughly $245B in additional agreements signed after June 30. Anthropic also disclosed $131.7B in cash and short-term investments, plans to allocate 5% of its shares to a public benefit fund, and a governance structure preserving 50.1% voting control for its founders, highlighting both the extraordinary scale of its growth and the capital intensity of the frontier AI industry.

3. Barclays upgraded Tesla $Tesla(TSLA.US) to Overweight from Equal Weight, raising its price target to $450 from $370, as analyst Dan Levy sees an increasingly attractive risk/reward profile. Levy noted that much of the recent discussion surrounding Tesla has focused on a potential merger with SpaceX $SpaceX(SPCX.US), which he believes could result in a premium for Tesla shareholders. However, his bullish thesis extends beyond a possible combination, citing improving automotive demand, strong growth in Tesla's energy business, and a sharp acceleration in Robotaxi miles driven. Barclays also highlighted FSD adoption exceeding 75% of new North American vehicle deliveries, suggesting growing monetization opportunities for Tesla's autonomous driving technology. Together, these factors underpin the firm's more constructive outlook on Tesla's long-term growth potential.

4. Microsoft $Microsoft(MSFT.US) is offering voluntary buyouts to approximately 60,000 employees, representing more than 25% of its global workforce, as the company moves to restructure parts of its operations. The program reportedly covers select teams across the United States, Canada, United Kingdom, and India, with eligible employees receiving severance packages in exchange for voluntarily leaving the company. Employees have until early December to decide whether to participate, with departures expected to take place by year-end. The move could represent one of Microsoft's largest workforce restructuring initiatives, although the final number of departures will depend on employee participation.

5. Samsung and SK Hynix are reportedly targeting Q2 2027 to begin mass production and shipments of 8-layer HBM4 memory for NVIDIA $NVIDIA(NVDA.US), according to ZDNet Korea. The advanced memory is expected to be used in NVIDIA's next-generation Rubin Ultra rack-scale AI systems, supporting the growing memory requirements of increasingly powerful AI accelerators. While 12-layer HBM4 remains the primary focus throughout 2026, the share of 8-layer HBM4 shipments is expected to increase significantly beginning in mid-2027. The development highlights the continued expansion of the high-bandwidth memory market as Samsung and SK Hynix prepare additional capacity for NVIDIA's next generation of AI infrastructure.

6. The top 10 most active options today by contracts traded were $Tesla(TSLA.US) with 3.4M contracts, $NVIDIA(NVDA.US) with 3.1M contracts, $Apple(AAPL.US) with 1.6M contracts, $Micron Tech(MU.US) with 1.3M contracts, $SpaceX(SPCX.US) with 1.3M contracts, $Meta Platforms(META.US) with 979K contracts, $Amazon(AMZN.US) with 884K contracts, $Netflix(NFLX.US) with 624K contracts, $Intel(INTC.US) with 598K contracts, and $AMD(AMD.US) with 550K contracts.

7. Meta $Meta Platforms(META.US) announced plans to raise approximately $35B through new equity offerings, including $22.5B in Class A common stock through forward sale agreements and $12.5B in depositary shares tied to mandatory convertible preferred stock. The company is also considering a separate $60B offering program for its new nonvoting Class C shares beginning in Q1 2027, potentially bringing its total equity financing capacity to $95B, approximately $10B more than Google's $85B equity offering earlier this year. Interestingly, NVIDIA $NVIDIA(NVDA.US), AMD $AMD(AMD.US), and Broadcom $Broadcom(AVGO.US) have expressed nonbinding interest in purchasing up to $5B of Meta shares combined, potentially giving major AI chip suppliers direct equity exposure to one of their largest customers. The proposed financing comes as Meta prepares for unprecedented AI infrastructure spending, while its new Class C share structure, introduced alongside an effective 2-for-1 stock split, would allow the company to raise additional capital without issuing new voting rights. The full $95B remains potential financing capacity rather than a completed capital raise.

8. DoorDash $Doordash(DASH.US) is reportedly in advanced negotiations to acquire Instacart $Instacart（Maplebear）(CART.US), with a potential agreement expected as early as this week, according to the Wall Street Journal. The discussions follow earlier reports that Instacart had attracted takeover interest from both DoorDash and Uber $Uber Tech(UBER.US), although talks with Uber are reportedly no longer active. A combination would significantly expand DoorDash's presence in online grocery delivery, combining Instacart's grocery partnerships and fulfillment technology with DoorDash's restaurant delivery network and logistics infrastructure. The potential acquisition could strengthen DoorDash's competitive position across local commerce, although no final agreement has been announced and negotiations could still fall apart.

9. The 10 largest U.S. leveraged equity ETFs attracted approximately $12B in net inflows over the past month, even as their combined market capitalization declined by $20B, highlighting aggressive dip-buying despite the broader market selloff. The surge was led by the Direxion Daily Semiconductor Bull 3X ETF $SOXL, which attracted a record $9B in inflows over just two weeks, while the ProShares UltraPro QQQ $TQQQ, which provides 3x leveraged exposure to the Nasdaq 100, recorded $1.3B in inflows, its second-largest two-week intake of 2026. Over the past five months, the 10 largest leveraged equity ETFs have collectively attracted $19B, suggesting that speculative investors are continuing to increase leveraged exposure to semiconductors and technology stocks even as market volatility and downside risks remain elevated.

10. Morgan Stanley strategist Michael Wilson expects the current U.S. equity market correction to eventually give way to a rebound as several major uncertainties begin to clear, including the midterm elections, AI infrastructure financing concerns, and tightening financial conditions. Wilson sees potential near-term downside for the S&P 500 $SPX to 7,100–7,200, but maintains a year-end base-case target of 8,000, suggesting meaningful recovery potential if market conditions improve. He identified liquidity constraints as the biggest immediate risk, while arguing that a potential Federal Reserve policy pivot could provide an important catalyst for equities. Morgan Stanley also pointed to historically strong 6–12-month stock market returns following midterm elections, supporting its view that the current correction could ultimately create buying opportunities rather than mark the end of the broader market cycle.

11. UBS pushed back against concerns that CoreWeave $Coreweave(CRWV.US) could face a debt spiral as credit markets tighten, arguing that the company has multiple financing alternatives to support its AI infrastructure expansion. UBS highlighted opportunities to reduce reliance on traditional debt through private credit, vendor financing, and additional equity investments, similar to CoreWeave's recent transaction with Jane Street. Following meetings with private credit executives and data center developers, UBS said it “did NOT come away with a view that capital will be scarce in 2027,” suggesting financing conditions may remain more supportive than investors fear. Separately, Cantor Fitzgerald reiterated its Overweight rating and $176 price target on CoreWeave, citing the potential for delayed-draw term loan (DDTL) credit enhancements to attract additional lenders and new financing facilities to ease concerns over the company's access to capital.

12. The United States and Canada are reportedly negotiating a potential agreement to ease tariffs on Canadian steel and automobiles, according to Reuters, citing six sources familiar with the discussions. Negotiations are focused on Section 232 tariffs, including duties of up to 50% on Canadian steel and 25% on automobiles, with one Canadian source suggesting a deal could be reached before the November 3 midterm elections. U.S. officials are reportedly seeking additional concessions from Canada. The discussions come as President Trump has threatened to raise steel and auto tariffs to 50% beginning January 1, 2027, although he recently suggested the trade dispute could be resolved “soon.” Canadian officials described the negotiations as constructive, but no agreement has been finalized.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit