U.S. stocks opened lower Friday and never found a durable rebound. Intel’s PC miss broke the chip trade at the open, and the Nasdaq 100 shed roughly $1T in market value by the close. The market was red as hell, honestly.

The S&P 500 fell 1.8% to 7,580.07, while the Dow dropped 1.1% to 51,770.31. $QQQ sank 3.5% and $IWM lost 1.6%. Six of 11 sectors still finished green. Energy led at +1.9% and Consumer Staples followed at +1.4%, but Technology’s 4.9% collapse overwhelmed the rest of the board.

Intel’s client-computing miss and soft fourth-quarter revenue guidance turned earnings anxiety into a semiconductor rout, even as SanDisk beat estimates. They were, of course not the only stock beaten down by AI. Alphabet was hammered for its worst day ever Thursday, and Amazon was screwed too after both said they were making insane money, just spending it all on AI.

Oil prices rose, which never helps anything. CNBC reported attacks on Russian and Middle Eastern refineries lifted global diesel prices; crude rose 2.1% to $104.12, helping Exxon and Chevron reach record highs.

Regeneron’s drug trio delivered the clean upside exception. CorMedix and Iovance carried the biotech pain, and Binance’s record hack left crypto traders with another reason to check the locks.

Today's Briefing:

Intel and SanDisk brought very different earnings reports into Friday and got the same verdict: sell first, ask questions later. Intel’s PC miss triggered its worst day since 1974, while SanDisk’s monster AI-storage beat still could not clear a stock priced for perfection. 💻

The RIP: $INTC ( ▼ 28.58% ) sank 28.6% on 4.7x normal volume, and $SNDK slid 13.5% on 2.2x volume. Together, they turned a weak tech session into a full valuation reset. 📉 It was a red day for many: big tech dropped a whopping $1T in market cap from the Nasdaq 100, a -3.5% day.

Intel’s results showed why: Data Center and AI revenue jumped 78% to $7.3B, but Client Computing fell 5% to $8.1B, missing the $8.98B estimate. Fourth-quarter revenue guidance came in soft too.

SanDisk delivered the opposite report, but was beaten with wrenches by the market. Its quarter produced adjusted EPS of $49.51 on $11.03B in revenue, both ahead of estimates, while data-center revenue exploded 1,682% to $4.8B. But consumer revenue fell 39% to $397M, and the shares entered Friday up roughly 385% in 2026.

The damage spread across the trillion-dollar board. $NVDA fell 4.2%, $MSFT 1.6%, $META 1.5%, $AMZN and $GOOGL 1.4% each, $AAPL 1.2%, and $TSLA 0.9%. The common fear was not that AI spending is stopping, but that the cash flows needed to justify it may arrive slower than valuations imply. Even stocks that investors rewarded for good results were hit today. 🤖

Bitzero is turning Nordic power into AI infrastructure at scale. With projects across Norway and Finland and more than 1GW of potential capacity, the company is building where power, land and compute can scale together. The power is there. The sites are there. Now Bitzero is building for scale.

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CorMedix collapsed Friday after DaVita CFO Joel Ackerman warned that Medicare reimbursement tied to DefenCath could fall sharply after the first quarter of 2027. That matters because DefenCath, an antimicrobial catheter-lock solution for hemodialysis patients, is the engine of the company. 🩺

The RIP: $CRMD ( ▼ 25.46% ) fell 25.5% to $5.70 on 5.8x normal volume, touched a 52-week low, and ranked No. 1 in Stocktwits’ closing discussion pulse. The shares are now down 51% this year. 🩸

That puts CorMedix’s pricing power under a microscope. DefenCath generated $258.8M of the company’s $311.7M in 2025 net sales. CorMedix’s latest outlook calls for $175M to $195M in 2026 DefenCath sales and $325M to $345M in total revenue.

The selloff also collides with a crowded setup. Short interest equals roughly 19% of the float, while four covering analysts still rate the stock Buy with an average $14.50 target. Stocktwits sentiment remained 82% bullish Friday, with traders split over whether DaVita’s forecast is definitive or management can protect economics.

Stocktwits writer Jonathan Morgan breaks down how one compromised laptop opened the door to Binance’s $6.3B heist, why investigators point to North Korea, and where the $3.2B still out of reach is sitting. Read Jon’s full blow-by-blow in Cryptotwits. 🕵️

The RIP: The attacker drained funds across nine to eleven blockchains in less than four hours, using withdrawals signed by Binance’s own system. About $2.7B has been frozen or rescued, but $3.2B to $3.3B remains under the attacker’s control. Binance says customer funds are safe and it will absorb the loss through its SAFU reserve and company money. 🔐

37.6K WATCHERS · BULLISH · EXTREMELY HIGH ACTIVITY

Reddit plunged after reporting a significant drop in third-quarter search-referral traffic, raising concerns that its advertising growth remains more dependent on Google visibility than investors realized.

2.7K WATCHERS · NEUTRAL · NORMAL ACTIVITY

Global Payments jumped after Reuters reported CD&R is exploring a take-private with GTCR for the roughly $40B payments processor, though the early talks may not produce a deal.

271 WATCHERS · BEARISH · LOW ACTIVITY

FedEx Freight surged after its first standalone report produced $1.49 in adjusted EPS versus $1.38 expected and $2.44B in revenue versus $2.42B, helped by higher yields.

3.3K WATCHERS · BEARISH · NORMAL ACTIVITY

GoDaddy jumped after third-quarter EPS reached $2.08, beating estimates by 14%, while revenue rose 6% to $1.34B as adoption of its Airo platform accelerated.

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

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💰 Chevron and Exxon hit all-time highs as refining profits soar in reaction to Iran and Ukraine wars

📊 Reddit stock plunges 29% after weak outlook, wrapping its worst day ever

🧾 CRMD Stock Hits Fresh 52-Week Low On DaVita’s Warning Of Sharp 2027 DefenCath Reimbursement Drop

🪙 Experts divided over Binance hack asset freezes, warn recovery is another matter

⚡ Higher Rates Ahead? Three Fed Officials Have Called For A Gradual Uptick In Interest Rates This Week

👀 LLY, ABBV Stocks Hit All-Time High – Here’s What’s Driving Investor Enthusiasm Today

📈 The charts the Stocktwits community is trading, in your inbox by 8pm ET

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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