U.S. stocks extended their rebound Tuesday as an early tech selloff gave way to a broad afternoon recovery. Soft jobs data kept buyers in place, but megacap technology missed most of the fun.

The S&P 500 proxy $SPY rose 0.3%, $DIA gained 1.0%, $IWM jumped 1.7%, and $QQQ slipped 0.1%. Ten of 11 sectors finished green. Health Care led at +2.4%, while Technology was the lone loser at -0.3%. Defensives carried the blue-chip board, led by Eli Lilly and Johnson & Johnson.

The September jobs report showed payroll growth slowing to 29K from 133K, while unemployment rose to 4.2% from 4.1%. The two-year Treasury yield, which tracks expected Fed policy, finished at 4.74%, down six basis points this week. The 10-year settled at 5.09%, down 15 basis points. If you want an update on how the midterms are going, the Trump admin just said it was handing out $8B in free cash for U.S. farmers hurt by high fuel costs and market disruptions, largely caused by the Iran war and tariffs.

SpaceX more than doubled revenue, but nearly tripled its spending bill. Netflix’s profit beat could not cover a reduced advertising forecast, while Elice’s debut reminded AI builders that investors have started checking the financing math. Salesforce kept shopping with its Braze deal, and Supermicro delivered the after-hours surprise.

Today’s Briefing: Powered by Stocktwits Community API.

SpaceX, the rocket, satellite-internet, and AI company, reported a massive third-quarter expansion Tuesday as its compute business joined Starlink in driving growth. Musk said SpaceX and Tesla formed committees to discuss the possibility of a merger, a clear as day obvious next step after Tesla’s roadster space car demonstration.

The RIP: $SPCX rose 1.7% after hours after revenue jumped 161% to $14.6B and net income reached $4.4B. The shares finished the regular session down 0.1%. It was the second report since the firm went public. Musk and CFO Bret Johnson see ARR of $500B-$1T by 2027, and about $33B in Q1 next year. 👀

Reuters reported that revenue topped the $12.72B consensus estimate, while profit nearly tripled Wall Street’s $1.57B forecast. SpaceX is making its AI money by renting data-center capacity to developers including Anthropic and Google, making the business look more like a cloud provider than a traditional AI lab. 🚀

Then came the $19.6B spending bill. Quarterly capital expenditures nearly tripled from $6.9B one year earlier as SpaceX funded compute capacity, Starlink expansion, and Starship development.

That explains the muted share reaction. Revenue more than doubled, but investors had already watched the stock fall from above $225 after its June IPO to roughly $148. Huge growth met huge expectations, and this quarter required an even bigger check. 🛰️

AustiniConnections, Atreides and Valor are bringing together the CEOs, investors and operators driving TMT for two days at the Moody Center.

Main stage keynotes span public and private markets — Nvidia, Blackstone, Goldman Sachs, Databricks, Arm, Cerebras, Crusoe, Vercel, DoorDash, 8VC and more — with breakout tracks across labs, silicon, power and capital. 

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.

Netflix beat third-quarter profit estimates Tuesday, but its slowest revenue growth in nearly three years and a weaker advertising forecast sent shares lower after the bell.

The RIP: $NFLX fell 4.9% after hours after closing down 1.7%. Netflix reported EPS of $0.87 versus $0.82 expected, while revenue matched estimates at $12.87B.

Revenue still grew 12%, net income jumped 44% to $3.66B, and operating margin expanded from 28.2% to 34.6%. Free cash flow reached $2.9B. None of that was enough to rescue the forecast. 📺

Netflix cut its 2026 advertising revenue outlook to roughly $2.7B from $3B, blaming a slower rollout of new products for advertisers. Fourth-quarter revenue guidance of $13.44B also missed the $13.51B consensus, while projected EPS of $0.67 fell short of $0.73.

Subscriptions held up better than ads. Netflix said price increases did not trigger unexpected customer losses, but management acknowledged concerns about viewing-hour growth. The company recently cut about 6% of its workforce and replaced two senior programming executives as it tries to get viewers watching longer.

Netflix made more money from each dollar of revenue. Investors wanted proof that the next dollar would arrive faster. 🍿

South Korean AI cloud provider Elice plunged 32% in its Seoul debut Tuesday, closing at 61,400 won after raising $151M. The profitable company had operating data centers, government contracts, and an IPO that drew orders for roughly 400 times the shares offered. Apparently, even that wasn’t enough. 📉

The RIP: Elice opened 16% below its offer price and kept falling. Meanwhile, CoreWeave’s $CRWV unsecured bond yields remained between 13.5% and 15%, even as its shares rebounded 1.7% Tuesday.

These “neoclouds” borrow money to buy specialized chips and build facilities, then rent computing power to AI developers. The bills arrive before much of the promised revenue. Goldman Sachs upgraded CoreWeave to Buy on Monday, arguing those distressed bond yields overstate its likely borrowing costs. Still, the firm said the unsecured market has effectively been closed to new CoreWeave issuance for months. 💸

The retreat is spreading. Firmus shelved an IPO that valued it at roughly $30B, while prospective Nscale investors reportedly pushed its targeted valuation down from $30B to between $16B and $19B. Nscale has built or leased less than 1% of the potential capacity listed in its filing. That’s a lot of valuation riding on data centers that aren’t ready.

Chip demand remains strong. Financing the buildings needed to install those chips is where investors have stopped taking promises at face value.

Salesforce agreed Tuesday to acquire Braze, the software company that helps brands personalize customer messages across apps, websites, email, and text. Another week, another Salesforce shopping bag. We use Braze at Stocktwits, and I have to say, I’m excited to welcome a new owner, it’s hard as hell to use.

The RIP: $BRZE surged 51% to $45.31, while $CRM slipped 1%. Salesforce will pay $47.50 per share in cash, valuing Braze at roughly $5.66B and delivering a 58% premium to Monday’s close.

Braze brings real-time customer data and AI tools that decide what message to send, where to send it, and when. That’s their tag line, at least, it in effect is more like a content management system that helps clients send out campaigns over email, text, or with in app pushes. Salesforce wants to plug those capabilities into Marketing Cloud, Data 360, and Agentforce. Braze already serves roughly 2,770 customers, including Canva, Instacart, (and Stocktwits.) 📲

The price raised some eyebrows. Evercore ISI said the offer represented an 80% premium to Braze’s 30-day average, suggesting Salesforce may have faced competition. BTIG estimated the purchase price at 5.3 times Braze’s projected fiscal 2028 revenue.

Salesforce has been busy. It agreed to buy Informatica for about $8B in 2025 and announced a $3.6B deal for AI customer-service provider Fin in June. The Braze transaction is expected to close during Salesforce’s fiscal 2028, pending shareholder and regulatory approval. 🛍️

93.3K WATCHERS · NEUTRAL · NORMAL ACTIVITY

Supermicro surged after hours after preliminary quarterly revenue of $18.5B to $19.5B crushed the $15.23B consensus estimate as AI-platform demand accelerated.

21.9K WATCHERS · NEUTRAL · NORMAL ACTIVITY

Intuitive Surgical plunged after hours despite beating estimates as da Vinci procedure growth slowed to 14% and the company left its full-year growth outlook unchanged.

197.7K WATCHERS · BEARISH · LOW ACTIVITY

Boeing barely moved after the FAA certified the long-delayed 737 MAX 10, clearing the company to begin delivering a jet with 1,555 orders from 30 customers.

5.5K WATCHERS · BULLISH · HIGH ACTIVITY

Hasbro jumped to a seven-year high after strong Magic: The Gathering demand powered an earnings beat and pushed management to raise its full-year outlook.

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

For US farm, ranch and outdoor businesses. Heat, cold and storms hit your costs whether you're ready or not. On Kalshi you can take a position on the weather that would hurt you, from a few dollars. If it happens, the payout offsets the hit. Federally regulated.

See how hedging works

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.

🧾 GM’s Earnings Beat Couldn’t Lift Its Outlook

🪙 BlackRock Powered Bitcoin ETFs’ Best Day in a Month

🧬 RAPP’s Bipolar Study Raised a Dropout Problem

⚡ Kroger Put $5B Behind Its Market-Share Fight

👀 Morgan Stanley Nearly Doubled Its Seagate Target

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

Pre-Market Earnings: $T AT&T, Inc., $ABT Abbott Laboratories, $NEE NextEra Energy Inc, $PM Philip Morris International Inc, $TROO TROOPS Inc, +7 more. ☀️
After-Market Earnings: $TSLA Tesla Inc, $META Meta Platforms Inc - Ordinary Shares - Class A, $IBM International Business Machines Corp., $QS QuantumScape Corp - Ordinary Shares - Class A, $LUV Southwest Airlines Co, +9 more. 🌙

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 😎

_{Securities Disclaimer: STOCKTWITS IS NOT A TAX ADVISOR, BROKER, FINANCIAL ADVISOR OR INVESTMENT ADVISOR. THE SERVICE IS NOT INTENDED TO PROVIDE TAX, LEGAL, FINANCIAL OR INVESTMENT ADVICE, AND NOTHING ON THE SERVICE SHOULD BE CONSTRUED AS AN OFFER TO SELL, A SOLICITATION OF AN OFFER TO BUY, OR A RECOMMENDATION FOR ANY SECURITY. Trading in such securities can result in immediate and substantial losses of the capital invested. You should only invest risk capital and not capital required for other purposes. You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should also consult an attorney or tax professional regarding your specific legal or tax situation. The content is to be used for informational and entertainment purposes only and the service does not provide investment advice for any individual. Stocktwits, its affiliates and partners specifically disclaim any and all liability or loss arising out of any action taken in reliance on content, including but not limited to market value or other loss on the sale or purchase of any company, property, product, service, security, instrument, or any other matter. You understand that an investment in any security is subject to a number of risks and that discussions of any security published on the Service will not contain a list or description of relevant risk factors. In addition, please note that some of the stocks about which content is published on the service have a low market capitalization and/or insufficient public float. Such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information. Read the full terms & conditions here. 🔍
Author Disclosure: The author of this newsletter does not hold positions in any of the securities or assets mentioned. 📋}