A tale of two earnings seasonsThe AI trade cracked for a third straight week. Alphabet missed revenue on October 28, burned roughly $9 billion of cash, and shares fell nearly 13% on Thursday, its worst day ever, erasing about $482 billion. Amazon reported earnings of $1.89 versus $1.96 expected, with 2027 capex meaningfully more than roughly $220 billion. Intel guided Q4 well below estimates,...
