U.S. stocks edged lower Tuesday after another morning technology selloff, then spent the afternoon clawing toward flat. Semiconductor shares extended their slide while rising energy prices kept Wednesday’s inflation report in view.

The S&P 500 finished roughly flat, while $QQQ fell 0.3%, the Dow lost 0.3%, and $IWM declined 0.4%. Five of 11 sectors closed green. Energy led at +1.8%, while Health Care was the weak spot at -1.4%.

Barron’s reported that China’s CXMT is developing a denser architecture for server memory, raising new competition fears across the chip market. South Korea’s KOSPI plunged 5.5%, SK Hynix sank 10.1%, Samsung Electronics fell 7.4%, and Micron lost 3.6%. Crude rose 1.3%, leaving Wednesday’s CPI report with plenty to answer for.

Bank earnings came in, with a ‘meh’ from everyone. JPMorgan Chase said higher rates mean less investing, more buying T bills, and hanging out. Goldman said equities trading was going great actually.

Stocktwits spent the late session on Cipher’s financing, Ryan Cohen’s insider purchase, and Bank of America’s compliance penalty. $CIFR fell 13.0% as traders argued over dilution and its AI buildout. $GME rose 3.7% after Cohen bought another $22.8M of stock. After the close, $BAC confirmed a $1.21B regulatory charge ahead of Wednesday’s earnings.

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Cipher Digital found a zero-interest way to fund its AI data center buildout. Shareholders still saw a bill and their eyes went wide. 👀

The RIP: $CIFR ( ▼ 12.77% ) sank 12.8% to $11.34 on 127.7M shares, more than four times its recent pace, after the company proposed $850M of convertible debt and a separate debt-for-stock exchange.

The notes pay 0% interest and mature in 2032. Buyers can also purchase another $150M, while Cipher may settle future conversions with cash, shares, or both.

Free money is not free when repayment can arrive in stock. Cipher plans capped-call transactions to reduce potential dilution, but only up to a limit. Its concurrent exchange of 2030 notes for common shares creates a more immediate overhang.

The proceeds will help fund Cipher’s Barber Lake project, expand its high-performance computing pipeline, and develop additional sites. That buildout needs cash before the new facilities produce it. Current revenue still comes from Bitcoin mining. The stock also reeled as memory and hardware for AI continued to take a hit Tuesday, more on that later.

Shares have now fallen 26.8% in five sessions and finished just above their new 52-week low. AI infrastructure may be the destination, but shareholders just got another reminder of how expensive the road is. 🧾

$CIFR ticker talk is split between dilution fears and buying the drop ->

ZenaTech, Inc. ($ZENA) reported average organic revenue growth of 27.1% in 2026 across the 20 Drone as a Service (DaaS) locations it added in 2025, excluding any 2026 acquisitions, with some locations growing more than 40%. For context, IBISWorld estimates the U.S. surveying and mapping industry grew about 1.3% annually from 2021 to 2026.

The company also estimates Q3 2026 revenue of C$13.4M to C$14.8M (US$9.5M to US$10.5M). For reference, DaaS accounted for about 93% of Q2 revenue.

“(…)This shows the Drone as a Service model working as designed: we acquire
established survey and inspection businesses, introduce drones and AI into their
workflow, and see the results in their revenue,” said Shaun Passley, ZenaTech CEO. 

Management also credits the growth to brand marketing and new packaged services for AI data center construction and large homebuilders.

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Six Flags closed multiple roller coasters Tuesday after a rider died and several others were injured at Six Flags Over Georgia on Monday.

The RIP: $FUN ( ▼ 14.43% ) fell 14.4% to $10.20 on 14.4M shares, nearly five times its recent volume, and closed at its lowest level since 2009.

Police believe the rider was ejected from the Goliath coaster before striking other passengers and falling, according to the Wall Street Journal. Detectives are still investigating, and no cause has been established.

Six Flags temporarily closed 10 coasters across seven parks while the company and ride manufacturer examine the incident. There is no timetable for reopening them. The company was already wrestling with weak attendance and the integration of its $8B Cedar Fair merger. Second-quarter revenue fell 7% to $865M, missing the roughly $928M analysts expected.

Shares had dropped 32% in 2026 before Monday’s close. Now Six Flags faces another operating disruption, possible legal exposure, and a safety investigation at the worst possible time.

Johnson & Johnson beat third-quarter expectations and raised its full-year forecast Tuesday. Its medical-device business still sent the stock tumbling.

The RIP: $JNJ ( ▼ 5.73% ) fell 5.7% to $248.61 on 16.6M shares after adjusted EPS of $2.59 topped the $2.53 estimate, while $25.40B in revenue barely cleared the $25.39B target.

Worldwide sales grew 5.9%, powered by 7.7% growth in Innovative Medicine. MedTech grew just 2.5% to $8.64B, and all four of its operating groups missed Wall Street’s sales estimates.

That is a rough place to disappoint. J&J has been reshaping the device portfolio around faster-growing businesses, but Tuesday’s numbers showed the old costs are still attached. Management lifted its 2026 sales midpoint to $101.2B and raised adjusted EPS guidance by $0.06 to $11.10. The market barely looked at it. 🩺

Micron Technology fell Tuesday as China’s memory-chip ambitions gave traders another reason to question the AI hardware boom. Chinese memory firm CXMT is rumored to soon release tech that will rival U.S. and Korean chips.

The RIP: $MU dropped 3.6% to $953.19 on 28.8M shares, extending its five-session decline to 8.8%.

Barron’s reported that China’s ChangXin Memory Technologies is developing a denser “4F square” architecture for server memory. South Korea’s KOSPI plunged 5.5% Tuesday, its fifth straight loss, as SK Hynix sank 10.1% and Samsung Electronics fell 7.4%. SanDisk slipped 0.3%. 📉

There is no proof CXMT can produce the technology at competitive volume or quality. High-bandwidth memory, the specialized product used in AI servers, also remains a harder target.

Still, DRAM generates roughly three-quarters of Micron’s revenue. A credible Chinese competitor could eventually add supply, pressure pricing, and turn memory back into the commodity business investors thought AI had transformed. 🧠

JPMorgan and Goldman Sachs produced billions in third-quarter profit Tuesday, but rising rates and September’s market turbulence kept the celebration short.

The RIP: $JPM ( ▼ 0.86% ) fell 0.9% to $331.43 after adjusted EPS of $5.75 and $50.91B in revenue missed estimates. $GS slipped 0.2% to $891.91 despite EPS of $17.01 and $18.68B in revenue beating forecasts.

JPMorgan’s markets revenue grew 15%, including a 49% jump in equities. Fixed-income trading fell 4%, and investment banking slowed as bond volatility delayed deals.

Goldman’s quarter was cleaner. Equities revenue surged 72%, client assets reached a record $4.1T, and net income rose to $5.29B.

The good numbers came with a warning label. Higher rates can lift interest income, but they also force banks to pay more for deposits, raise borrowing costs for customers, and make buyers think twice before financing a deal.

The banks said consumers remain healthy and deal pipelines are strong. So far, higher rates have delayed the party rather than canceled it. They are still making the drinks more expensive. 🏦

308.2K WATCHERS · BULLISH · NORMAL ACTIVITY

GameStop rose after CEO Ryan Cohen disclosed buying 844,130 shares for $22.8M, lifting his direct stake to roughly 42.5M shares and giving the insider-buying crowd fresh fuel.

35.8K WATCHERS · BEARISH · NORMAL ACTIVITY

Applied Materials sank after its investor day skipped a key forecast, overshadowing targets to return 80% to 100% of free cash flow and grow services past $12B by 2030.

147.1K WATCHERS · BULLISH · NORMAL ACTIVITY

Bank of America fell after U.S. Treasury regulators imposed $1.21B in anti-money-laundering penalties, creating a non-deductible charge expected to shave about $0.17 from third-quarter EPS.

32.3K WATCHERS · BULLISH · NORMAL ACTIVITY

ASML slipped ahead of Wednesday’s third-quarter report as traders waited for guidance and 2027 orders after semiconductor stocks logged a sixth straight losing session.

Bearish 🐻 | Bullish 🐮 | It’s Complicated 😵‍💫

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💰 BofA’s Compliance Failures Cost $1.2B

🧬 UnitedHealth Raised Its Outlook as Medical Costs Stayed High

⚡ Ryan Cohen Put Another $22.8M Into GameStop

⚖️ Arm and Qualcomm Got Their Delaware Verdict

💊 The FTC Wants Martin Shkreli Held in Contempt

🇬🇷 The White House Asked Kimberly Guilfoyle to Leave Athens

🏠️ Cornell Shut Down Fraternity Parties for the Academic Year

📈 The best trade idea posted on Stocktwits today, chart included

Macro: Fed Governor Michelle Bowman speaks (5:40 AM ET), Consumer Price Index (CPI) (8:30 AM ET), Research Consumer Price Index (9:00 AM ET), Richmond Fed President Thomas Barkin speaks (1:30 PM ET), Fed Governor Michelle Bowman speaks (10:55 PM ET). 📊
Pre-Market Earnings: $BAC Bank Of America Corp., $MS Morgan Stanley, $BLK Blackrock Inc., $CLPS CLPS Inc, $ADUR Aduro Clean Technologies Inc, +2 more. ☀️
After-Market Earnings: $HOMB Home Bancshares Inc, $WINA Winmark Corporation, $EPAC Enerpac Tool Group Corp - Ordinary Shares - Class A, $EQBK Equity Bancshares Inc - Ordinary Shares - Class A. 🌙

P.S. You can listen to all of these earnings calls on Stocktwits.

Want to see some change? Respond to this email and reach me, Kevin Travers, with feedback. Follow me on Stocktwits. Send me charts and ideas! Refer a friend for this quarter’s edition of The RIP Forecast 😎

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