Fortinet

The last few days were absolutely brutal.

SP500 investors are feeling some pain, but diversification is doing its job.

Investors with concentrated portfolios? They’re getting absolutely cooked right now.

Google, Amazon, Fortinet, Marvell, AMD.

We’re seeing massive companies lose double digit percentages in a single day.

Most of these companies are reporting very good earnings. Some are reporting excellent earnings.

The market doesn’t seem to care.

When fear takes over, investors start selling everything, regardless of fundamentals.

And right now, there’s plenty of fear.

Macroeconomic uncertainty, elections, geopolitics, and especially Iran.

Here’s how I see the problem.

Escalation with Iran pushes oil prices higher.

Higher oil prices keep US inflation elevated.

Persistent inflation increases the probability of higher interest rates.

Higher interest rates increase borrowing costs for companies that need debt to finance their operations and growth.

That puts future profitability under pressure.

And when you’re dealing with companies investing hundreds of billions into AI infrastructure, with enormous expectations already priced into their stocks, that becomes a serious problem.

Even great earnings cannot necessarily overcome a market that suddenly demands a much higher return for taking risk.

And nobody knows when this uncertainty ends.

We have midterm elections next week, and we have absolutely no idea how Trump will react to the results or what his policies will look like once the electoral pressure is behind him.

So here’s my approach.

Having a plan before this sort of thing happens is critical. Now you see why.

Surviving a market like this requires three things.

A valid investment thesis. You understand what you own, why you own it, and whether the fundamentals have actually changed.

Financial strength. Cash reserves, minimal debt, manageable expenses, and enough financial flexibility to avoid selling stocks at the worst possible time.

Mental resilience. The ability to watch your portfolio decline without allowing fear to make your decisions.

If your investment thesis remains intact, your financial situation is solid, and you have enough runway to avoid becoming a forced seller, you have already solved the most important part of this equation.

Sometimes investing requires accepting that the market can remain irrational, volatile, and downright miserable for longer than we’d like.

You cannot control the market.

You can control your exposure, your finances, and your behavior.

Welcome to long term investing.

$Alphabet(GOOGL.US) just had the worst day in its history and it dragged the Nasdaq down 1.4%

$Alphabet(GOOGL.US) closed -12.6% at $283.82 after its revenue miss and faster AI cash burn

$ServiceNow(NOW.US) -27% and $Fortinet(FTNT.US) -20% led a brutal day for software

$Marvell Tech(MRVL.US) -13% on reports it is in advanced talks to buy $Lumentum(LITE.US)

$Caterpillar(CAT.US) -9% even after beating on profit

$Eli Lilly(LLY.US) +6.6% after raising its revenue outlook on weight-loss drugs

S&P 500 -0.3% to 7,720, its first loss in 4 days

Dow -0.25% to 52,343

Russell 2000 +1.0%

10-year yield slipped to 4.99% and WTI eased to $101.92

And it isn't over. $Amazon(AMZN.US) fell another 6.5% after hours on weak Q4 sales guidance

The wild part is most stocks actually rose today. NYSE advancers beat decliners almost 2 to 1. This wasn't a market selloff, it was the AI spenders getting repriced while money rotated into everything else

Source: StockMarket.News

$ServiceNow(NOW.US) is on track for its worst day ever, down 24% after earnings

Earnings season just turned brutal for software and AI names

$ServiceNow(NOW.US) -24% after a Q3 profit miss, its biggest one-day drop on record

$Fortinet(FTNT.US) -22% on slower product growth and a cut to its service revenue forecast

$Sprouts Farmers(SFM.US) -20% after missing on sales and same-store sales

$Marvell Tech(MRVL.US) -13% on reports it's in talks to buy $Lumentum(LITE.US)

$Alphabet(GOOGL.US) -12% as negative free cash flow overshadowed the Cloud beat

$Caterpillar(CAT.US) -8% even after beating on EPS

On the other side, $Norwegian Cruise(NCLH.US) +12%, $Eli Lilly(LLY.US) +7% on a huge beat, $Chipotle Mexican Grill(CMG.US) +7%, and $Doordash(DASH.US) +6% after agreeing to buy $Instacart（Maplebear）(CART.US)

Beating the numbers isn't enough anymore. Investors want proof that AI spending turns into cash, and anything that looks like a slowdown is getting hit hard

Source: StockMarket.News

Who's pushing the ceiling? 🔎

Eight names surfaced in our S&P 500 $SPY all-time high scan:

$Hewlett Packard Enterprise(HPE.US) $NetApp(NTAP.US) $Lumentum(LITE.US) $Keysight Tech(KEYS.US) $AMD(AMD.US) $NVIDIA(NVDA.US) $Palo Alto Networks(PANW.US) $Fortinet(FTNT.US)

• $Meta's stock fell after earnings due to increased AI spending.

• $Microsoft(MSFT.US) exceeded fiscal fourth-quarter targets driven by AI and cloud strength.

• $SoFi Tech(SOFI.US) declined despite surpassing Q2 earnings and revenue estimates.

• SK Hynix missed Q2 sales targets but reported a surprising net profit. $SK Hynix(SKHY.US)

• Lam Research's stock rose after beating fiscal Q4 estimates and raising guidance. $Lam Research(LRCX.US)

• Datadog's stock surged ahead of Q2 earnings, fueled by AI expectations. $Datadog(DDOG.US)

• Fortinet reported strong Q2 earnings and revenue, leading to a stock increase. $Fortinet(FTNT.US)

• Garmin's stock jumped after beating Q2 targets and raising its full-year outlook. $Garmin(GRMN.US)

Top movers: $Lam Research(LRCX.US) $Starbucks(SBUX.US) $Fortinet(FTNT.US)

Top Losers: $Meta Platforms(META.US) $Qualcomm(QCOM.US) $Carvana(CVNA.US)

$Fortinet(FTNT.US) CRUSHED Q2 EARNINGS 🔥

Adj. EPS: $0.90 vs $0.75 est

Sales: $2.048B vs $1.889B est

Raised FY2026 Adj EPS Guidance

Raised FY2026 Sales Guidance

🟩 +9.16%

$Fortinet(FTNT.US) | BofA Securities maintains 𝐁𝐮𝐲 on 𝐅𝐨𝐫𝐭𝐢𝐧𝐞𝐭, 𝐫𝐚𝐢𝐬𝐞𝐬 𝐏𝐓 𝐭𝐨 $𝟐𝟎𝟎 𝐟𝐫𝐨𝐦 $𝟏𝟖𝟎

Analyst sees Fortinet transitioning from a recovery to a growth story, well-positioned for security platform consolidation and AI-driven spending.

📢 𝗝𝗨𝗦𝗧 𝗜𝗡: Intel and Fortinet Partner to Develop Next-Generation Security Processor - $Intel(INTC.US) $Fortinet(FTNT.US)

👉 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀:

➤ 𝗜𝗻𝘁𝗲𝗹 and 𝗙𝗼𝗿𝘁𝗶𝗻𝗲𝘁 partner to develop 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗣𝗿𝗼𝗰𝗲𝘀𝘀𝗼𝗿 𝟲 (𝗦𝗣𝟲).

➤ Collaboration combines Fortinet ASIC technology with Intel's manufacturing capabilities.

➤ Partnership expands the companies' existing strategic relationship.

➤ Agreement aims to diversify 𝗙𝗼𝗿𝘁𝗶𝗻𝗲𝘁'𝘀 global semiconductor supply chain.

➤ Intel will provide semiconductor design, packaging, and manufacturing expertise.

➤ Collaboration supports Fortinet's long-term 𝗔𝗦𝗜𝗖 roadmap.

➤ Companies will explore broader semiconductor and cybersecurity collaboration.

➤ Partnership aims to strengthen resilient global technology infrastructure.

👉 𝗘𝘅𝗽𝗲𝗿𝘁 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀:

𝗞𝗲𝗻 𝗫𝗶𝗲, Founder, Chairman, and CEO of Fortinet:

"This expanded relationship with Intel will leverage its unique combination of advanced semiconductor technology, manufacturing expertise, and global supply chain capabilities, helping Fortinet accelerate and strengthen our ASIC strategy."

𝗟𝗶𝗽-𝗕𝘂 𝗧𝗮𝗻, CEO of Intel:

"can help cybersecurity leaders like Fortinet accelerate the development of critical security technologies while building a more resilient and diversified global supply chain."