Storage — Seagate −9.2%, Western Digital −6.9% on a record day for the S&P 500 and the Nasdaq

The Morning 10

Storage — Seagate −9.2%, Western Digital −6.9% on a record day for the S&P 500 and the Nasdaq

1. 1 S&P 500 — record close at 7,818.93, the first since 13 August; Nasdaq at a record for a second day
2. 2 Hard drives — Seagate −9.2%, Western Digital −6.9% on Toshiba's expansion report
3. 3 Asia's memory makers slide — Kioxia −4.5%, SK Hynix −2.5%, Kospi −1.4%
4. 4 Custom chips — Marvell +5.8% after its investor day, Broadcom +3.7%, AMD +2.8% to a record
5. 5 Chip-equipment makers fall again — KLA −4.5%, Lam Research −3.4%, Applied Materials −2.2%
6. 6 Power — Constellation Energy +12.2% after a long power deal with Google
7. 7 Fed minutes at 20:00 CEST — the 10-year eased to 5.27% before them
8. 8 Japan and the rest of Asia — Nikkei −0.5% to 70,303, SoftBank +0.8%; Taiwan +0.2%, Shanghai closed
9. 9 Print Record — Penguin Solutions beats and raises, +5.4% after hours; the window runs to Friday
10. 10 US futures flat; oil funds +0.6–0.8%, gold +0.7%, bitcoin −1.5% to $84,300

The full Morning 10 →

Daily Pulse — AI Build-Out — Spotting the 2027 Slowdown

Earnings season starts next week, and the big question is not whether AI is real but when the build-out stops speeding up. Forecasters already expect it: the six biggest cloud spenders are seen lifting capital spending about 50% in 2027, after roughly 85% this year.

The full Pulse →

On the tape

• Western Digital ▼ -6.93%
• KLA Corporation ▼ -4.54%
• Onto Innovation ▼ -3.60%
• Fabrinet ▲ +7.78%
• Lumentum ▲ +3.82%
• 🇰🇷 Korea Exports 83.5 ▲
• 🇰🇷 Korea Trade Balance 49.85 ▲
• 🇺🇸 SIA Global Billings $146.8B