CLOSING BELL
JK Guys China + U.S. Forever

The market roared green on Columbus Day, after Trump and team walked back Friday's 100% tariff threats on China. Trump posted on Truth Social, saying President Xi had just “had a bad moment,” as if Xi was the one who tweeted the market into its worst drop since April on Friday. 😅 

Apparently, it was all a misunderstanding; the meeting is back on, and tariffs are a threat for negotiation. The news sent the volatility index up 30% and liquidated crypto holders in a record weekend sell-off, sending gold and silver past highs.

“President Trump said that the tariffs would not go into effect until November 1. He will be meeting with Party Chair Xi in Korea. I believe that meeting will still be on,” Bessent said on Fox Business. 🌮 

The tech market sparked back to life after OpenAI inked a hardware deal with Broadcom to add 10 Gigawatts of data center capacity and build custom processors. Energy and rare earth stocks continued to shine, as threats and blusters from China and Trump only added to the speculative fire. 👀

Today’s RIP: OpenAI and Broadcom making custom datacenter tech, big bank earnings locked and loaded, rare earths, energy sparked, and more. 📰

10 of 11 sectors closed green, with tech $XLK ( ▲ 2.44% ) leading and staples $XLP ( ▼ 0.33% ) lagging.

 $SPY ( ▲ 1.53% )  $QQQ ( ▲ 2.12% )  $IWM ( ▲ 2.78% )  $DIA ( ▲ 1.28% ) 

STOCKS
OpenAI’s Done It Again: 10 Gigawatt, Custom Chip Contract With Broadcom 🖥️ 

Broadcom $AVGO ( ▲ 9.88% ) flew after news it had agreed to supply OpenAI with massive amounts of computing power and specialized datacenter chips toward its goal of world domination LLM training. 🤣 

If not for the memery of Best Buy $BBY ( ▲ 9.97% ), Broadcom would be the highest ranking climber on the S&P 500, up to nearly $1.7T in market cap. The Californian chipmaker is on a tear this year, seemingly forgotten in the past as a major chip supplier, now on nearly a 55% YTD price run.

The custom chips will enable OpenAI to develop models “directly into the hardware,” Bloomberg reported, with an expected launch date of 2029.

OpenAI is following in the footsteps of Google, which built its own chips with the goal of lower input costs than its competitors like Meta, according to Bloomberg’s Mandeep Singh.

Chipmakers climbed on OpenAI’s most recent deal with a chipmaker/data center provider to get more processing power, a pledged total now reaching into the trillions in value, for a company that hopes to pull in just $13B this year. Broadcom will supply server racks, and OpenAI’s other partners will run them, a detail that sent the whole industry higher Monday: each additional Gigawatt of power costs upwards of $35B apeice, according to Bloomberg.

Luckily for founder Sam Altman and friends, OpenAI made these recent deals through lesser-seen agreements, like picking up an option for a 10% stake in AMD (which is now worth +30% after the news dropped).

Altman told his staff in a leaked report from The Information that he wants his hands on 250 gigawatts of processing power by the end of the decade, a tall order with an estimated $10 trillion price tag.

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INDUSTRY NEWS
Big Banks Start The Quarter Report Fire Tomorrow 🌎️🔥 

Tuesday is big bank earnings day, with JPMorgan Chase, Citibank, and Wells Fargo due to report. Last season, they each said they made a killing off of uncertain markets and retail trader trading that hit record levels after April’s liberation day.

Analysts surveyed by Yahoo Finance are expecting investment banking and trading to climb for a seventh quarter straight.

"You have markets at all-time highs. A lot of things are going on geopolitically. Interest rates and currency values are moving. It has all been very active," Barclays analyst Jason Goldberg told Yahoo.

M&A deals this year climbed past $1T, and IPOs have picked up, despite warnings from leaders like Goldman Sachs Chief David Solomon that the roaring market will start to correct over the next two years.

Look for notes about rare earths and computing power on the financial giants’ earnings calls. Chairman and Chief Jamie Dimon of JPMorgan said his bank was going to invest $10B in companies tied to ‘national security.’ They are targeting firms involved in supply chains, rare earth manufacturing, pharmaceuticals, defense, battery and electrical grids, and of course, AI.

“It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products, and manufacturing — all of which are essential for our national security,” Dimon said. “Our security is predicated on the strength and resiliency of America’s economy. America needs more speed and investment.”

TRENDING STOCKS
Energy, Batteries, Rare Earths Fly 🔋 

Oklo $OKLO ( ▲ 16.21% ) was climbing, leading the entire nuclear industry higher Monday.

Other nuclear power stocks like $SMR ( ▲ 14.73% ) and $NNE ( ▲ 18.79% ) followed on news that fissile supplier Urenco is expanding its production by 15% over the next two years. Urenco is the only low-grade Uranium enricher in the U.S., according to the Midland Reporter-Telegram Midwest newspaper. It supplies the 94 nuclear facilities that generate 20% of electricity stateside.

Nuclear was not the only industry on its way up. Talk of competition and trade grappling between the U.S. and China sent rare earth stocks higher.

Critical Metals $CRML ( ▲ 55.41% ) and MP Materials $MP ( ▲ 21.34% ) were on their way up: American Battery rose $ABAT ( ▲ 36.59% ) after the news that years of testing and regulatory checks had paid off: its development project in Nevada was on its way to completion. The small company is trying to build a lithium mine in Big Smoky Valley.

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POPS & DROPS
Top Stocktwits News Stories 🗞️ 

• Bitcoin rose 3% Silver hit $49.5/oz, Gold hit record $4,078/oz

• Tesla rose 5% after China sales jumped 25% in September.

• Vertiv rose 6% after naming new CFO Monday.

• Beyond Meat fell 48% after early convertible notes settlement.

• Grindr rose 11% as top holders pursued buyout.

• IonQ rose 18% after quantum simulation breakthrough Monday.

Don’t miss a story! Follow @StocktwitsNews for a live feed in real time. ✍️ 

PRESENTED BY STOCKTWITS
🟡 DAILY RIP LIVE - HOSTED BY KATIE PERRY & OLIVIA VOZNENKO PRESENTED BY GRANITESHARES

WHAT’S ON DECK
Tomorrow’s Top Things 📋

Economic data: IEA Monthly Report (4:00 AM), FOMC Member Bowman Speaks (8:45 AM), Fed Chair Powell Speaks (11:30 AM), Fed Waller Speaks (3:25 PM)📊
Pre-Market Earnings: JPMorgan Chase ($JPM), Wells Fargo ($WFC), Johnson & Johnson ($JNJ), Citigroup ($C), Goldman Sachs Gr ($GS), BlackRock ($BLK), Domino’s Pizza ($DPZ). 🛏️

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

Links That Don’t Suck 🌐

📈 Wall Street's biggest banks are riding high as earnings season begins

☁️ Nor'easter Shuts Down Roads, Knocks Out Power Up And Down The East Coast

🥵 Oracle CEO Magouyrk: ‘Of course’ OpenAI can pay $60 billion per year for cloud infrastructure

All living Israeli hostages freed and hundreds of Palestinian detainees and prisoners released as Trump leads Egypt summit

🏘️ Powerball winner Edwin Castro is spending millions buying lots that were torched in the LA wildfires

Get In Touch 📬

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