Friday, October 30, 2026 · 06:30 ET

All Signal. Zero Noise.

Thursday split the market down the middle. QQQ $715.34 (-1.42%) fell while IWM $284.01 (+0.97%) rose, and SPY $769.36 (-0.38%) landed in between. Per reporting, Alphabet's quarterly results, which missed on revenue after Wednesday's close, erased a large slice of its market value, and the chipmakers that sell into the hyperscalers' budgets sold with it: MU $934.27 (-4.98%), AMD $566.42 (-2.08%), AVGO $345.00 (-1.94%).

The tell is that the money did not leave the buildout. It moved inside it. The companies that build the power and the buildings rose on the same day: PWR $635.18 (+4.66%), EQIX $1,036.67 (+2.88%), CEG $264.58 (+2.52%). Defense took a bid too, with LMT $643.59 (+2.20%).

Small caps rising while the Nasdaq fell says this was a selloff in the most crowded AI names, not a broad flight from risk. It came the day after a Fed hold with two votes for another hike, and on the morning the growth and inflation data landed. The market's answer to all of it was to sell the chips and keep the builders.

TDOC $8.73 (+26.89%) — The biggest move in our universe on 20.1 million shares; per Zacks, Teladoc beat revenue and earnings estimates for the quarter.

MU $934.27 (-4.98%) — Memory led the chip selling on a hyperscaler miss, after one of the strongest runs in the group.

PWR $635.18 (+4.66%) — The grid builder led the data center group on the day the chips fell, which is the split to watch.

MU, AMD, AVGO, NVDA, PWR, EQIX, VRT, CEG, GEV, TDOC, AVAV, LMT, XOM

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