Fed Chair Jerome Powell threw cold water on investor hopes for another interest rate cut in December, stressing that the Federal Open Market Committee remains deeply divided and that the road ahead is clouded by data gaps and conflicting risks between <a href="https://www.benzinga.com/markets/macro-economic-events/25/10/48506713/federal-reserve-decision-october-30-25-basis-point-fed-funds-rate-balance-sheet-qt-quantitative-tightening">the central bank&#8217;s objectives.</a> 



Speaking after the central bank lowered rates by 25 basis points to 3.75%-4.00% for the second straight meeting, Powell cautioned that another cut is &#8220;not a foregone conclusion—far from it,&#8221; pushing back against expectations that had built up across financial markets in recent weeks.



<h2 class="wp-block-heading">Markets Rethink December Odds</h2>



Following Powell's comments, CME FedWatch data showed a sharp repricing in December expectations. The probability of the Fed holding rates steady jumped to 12%, up from just 1% the previous day. 



Investors had been nearly certain of a third straight cut amid slowing growth and moderate inflation.



Powell said the committee&#8217;s debate showed "strongly differing views about how to proceed," noting that some policymakers remain more focused on upside inflation risks, while others are increasingly concerned about labor market softness.



&#8220;We haven&#8217;t made a decision for December,&#8221; Powell stated. 



<h2 class="wp-block-heading">Shutdown Data Gaps Complicate the Picture</h2>



With the ongoing U.S. government shutdown limiting the release of key statistics, Powell warned the Fed may need to be more cautious.



"If you're driving in the fog, you slow down," he said, referring to the lack of complete data. "We won't have the detailed feel of things. If uncertainty is high, that could be an argument for caution."



Recent inflation data, such as the September Consumer Price Index, came in slightly softer than expected, though Powell noted tariff-driven price pressures in goods could lift inflation temporarily.



"We've now moved 150 basis points closer to neutral than we were a year ago," Powell said, referring to the estimated 3%-4% range for the neutral rate. This level neither stimulates nor restricts economic activity.



Powell suggested that some Committee members believe interest rates may have already reached an appropriate level.



&#8220;I think for some part of the Committee, it is time to maybe take a step back and see whether there really are downside risks to the labor market.&#8221;



<h2 class="wp-block-heading">QT Phase-Out Starts December</h2>



Powell confirmed the Fed will halt the reduction of its balance sheet — quantitative tightening — on Dec. 1, freezing the size at about $6.6 trillion. Mortgage-backed securities will be reinvested into Treasury bills, shortening the duration of Fed holdings.



He said this transition reflects the system approaching an "ample reserves" level and a desire to align the balance sheet more closely with the maturity structure of outstanding Treasury debt.



"We didn't see a lot of benefit to squeezing out the last few dollars of runoff," Powell said. "The system is tightening organically, and this gives markets time to adapt."



<h2 class="wp-block-heading">AI Spending Surge Not Rate-Driven, Powell Says</h2>



Responding to a question about whether an easier monetary policy will further fuel the already booming artificial intelligence infrastructure boom, Powell said the current wave of data center construction is unlikely to be interest-rate-sensitive.



"These investments are based on longer-term views about productivity and future demand, not 20 basis points of interest savings," he said. "They're not particularly interest-sensitive compared to other sectors."



On whether equity markets are overheating, Powell said the Fed doesn't judge valuations directly but focuses on systemic risks.



"It's a mixed picture, but not an overly troubling one," he said, pointing to well-capitalized banks and generally healthy household balance sheets. Some areas, such as subprime auto loans, show stress, but broader financial conditions appear stable.



<h2 class="wp-block-heading">Markets Flip To The Red </h2>



Powell's comments turned the stock market negative, with major equity indexes reversing earlier gains and slipping into the red by late afternoon trading in New York.



The S&amp;P 500 — tracked by the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VOO">VOO</a>) — fell 0.2% to 6,878 at 3:30 p.m. ET, pulling back from a new intraday high of 6,920 set earlier in the session.



Interest-rate-sensitive sectors led the decline, with the Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLRE">XLRE</a>) down 2.9% and the Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLF">XLF</a>) down 1.9%.



While the Nasdaq 100 managed to hold onto a 0.3% gain, the small-cap Russell 2000 dropped sharply, falling more than 1%.



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Photo: Domenico Fornas / Shutterstock.com

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XLRE

Powell Cools Hopes For December Rate Cut: 'Far From A Foregone Conclusion'

Stocks sold off late Wednesday after Fed Chair Jerome Powell pushed back on expectations for another interest rate cut in December, warning that such a move is "far from a foregone conclusion&#8221; as the Federal Open Market Committee remains divided and incoming data remains clouded <a href="https://www.benzinga.com/topic/jerome-powell">by shutdown-related gaps.</a>



"We haven't made a decision for December," Powell said during his press conference. "There are strongly differing views about how to proceed.&#8221;



Powell compared the economic outlook to &#8220;driving in the fog,&#8221; suggesting the central bank may hit pause if the path forward becomes too unclear. The ongoing government shutdown has stalled key economic reports, leaving policymakers flying partially blind.



"If there's a high level of uncertainty, that could be an argument for caution about moving," he said.



<h2 class="wp-block-heading">Markets Flip As Powell Pours Cold Water On Rate Cut Hopes</h2>



By 3:30 p.m. ET, the S&amp;P 500 fell 0.2% to 6,879.68, while the Dow Jones dropped 185 points, or 0.3%, and the small-cap Russell 2000 slumped 1.4%. 



The Nasdaq 100 held a modest 0.3% gain. The CBOE Volatility Index (VIX), a key measure of market fear, surged 5% to 17.3



Sectors most sensitive to interest rates took the biggest hit, with the Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLRE">XLRE</a>) down 3%, the Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLF">XLF</a>) down 1.9% and the Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLB">XLB</a>) off 1.8%.



Housing-related and consumer discretionary names led the retreat, reflecting renewed fears that borrowing costs may not come down as expected. Financials also dropped as investors scaled back expectations for near-term Fed easing.



According to CME Group FedWatch, markets now assign a 88% chance on a 25-basis-point cut in December, down from nearly 100% a day earlier. 



Powell also emphasized that the Fed's policy rate is now within the range of many estimates for neutral — the rate that neither stimulates nor slows the economy — after 150 basis points of cuts since earlier this year. Some Fed officials, Powell added, feel this could be the right moment to step back and evaluate.



"For some part of the Committee, it is time to maybe take a step back and see whether there really are downside risks to the labor market."



According to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a> data, here are the 15 worst-performing U.S.-listed stocks with market caps above $10 billion during Powell's press conference:



<ul class="wp-block-list">
<li>Toll Brothers (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TOL">TOL</a>) -3.97%</li>



<li>Rocket Companies (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/RKT">RKT</a>) -3.85%</li>



<li>Guidewire Software (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GWRE">GWRE</a>) -3.67%</li>



<li>D.R. Horton (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DHI">DHI</a>) -3.49%</li>



<li>Generac Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GNRC">GNRC</a>) -3.31%</li>



<li>Lennar Class B (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LEN">LEN</a>) -3.19%</li>



<li>Affirm Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AFRM">AFRM</a>) -2.92%</li>



<li>TopBuild Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BLD">BLD</a>) -2.85%</li>



<li>PulteGroup (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PHM">PHM</a>) -2.84%</li>



<li>Avantor (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AVTR">AVTR</a>) -2.81%</li>



<li>Lennar (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LEN">LEN</a>) -2.71%</li>



<li>NVR (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NVR">NVR</a>) -2.42%</li>



<li>Wayfair (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/W">W</a>) -2.39%</li>



<li>Lennox International (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LII">LII</a>) -2.35%</li>



<li>Carlisle Companies (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CSL">CSL</a>) -2.21%</li>
</ul>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="528" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29152811/image-778-1024x528.png" alt="" class="wp-image-1138344" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29152811/image-778-1024x528.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29152811/image-778-300x155.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29152811/image-778-768x396.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29152811/image-778.png 1052w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Source: Benzinga Pro



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<li><a href="https://www.benzinga.com/markets/equities/25/10/48464971/sp500-market-odds-end-year-7000-7200-rally-wall-street-bets-technical-analysis#google_vignette">S&amp;P 500 Could Smash 7,000 Soon—If Traders&#8217; Moonshot Bets Are Right</a></li>
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Stocks Slide As Powell Cools Rate-Cut Hopes: These 15 Stocks Are Feeling The Pinch

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>) released its third-quarter earnings report after Wednesday's closing bell. Here's <a href="https://www.benzinga.com/pressreleases/25/10/n48511120/meta-reports-third-quarter-2025-results">what to know: </a>



<ul class="wp-block-list">
<li>META stock is moving. <a href="https://www.benzinga.com/quote/META">See the real-time price action here.</a></li>
</ul>



The Details:&nbsp;Meta reported diluted earnings per share of $1.05, which includes a one-time, non-cash income tax charge of $15.93 billion and may not compare to estimates of $6.68. 



On an adjusted basis, earnings per share came in at $7.25, according to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>.



Quarterly revenue of $51.24 billion, which beat the Street estimate of $49.38 billion and was a 26.25% increase over revenue of $40.58 billion from the same period last year.



Read Next: <a href="https://www.benzinga.com/markets/tech/25/10/48503397/elon-musks-tesla-fleet-dream-aws-on-wheels">Elon Musk&#8217;s Tesla Fleet Dream—AWS On Wheels</a>



&#8220;We had a strong quarter for our business and our community,&#8221; said Mark Zuckerberg, Meta founder and CEO. 



&#8220;Meta Superintelligence Labs is off to a great start and we continue to lead the industry in AI glasses. If we deliver even a fraction of the opportunity ahead, then the next few years will be the most exciting period in our history,&#8221; Zuckerberg added. 



Meta Platforms reported the following Q3 highlights:



<ul class="wp-block-list">
<li>Family daily active people (DAP): DAP was 3.54 billion on average for September 2025, an increase of 8% year-over-year.</li>



<li>Ad impressions: Ad impressions delivered across our Family of Apps increased by 14% year-over-year.</li>



<li>Average price per ad_ Average price per ad increased by 10% year-over-year.</li>



<li>Revenue: Revenue was $51.24 billion, an increase of 26% year-over-year. Revenue on a constant currency basis would have increased 25% year-over-year.</li>



<li>Costs and expenses: Total costs and expenses were $30.71 billion, an increase of 32% year-over-year.</li>



<li>Capital expenditures: Capital expenditures, including principal payments on finance leases, were $19.37 billion.</li>
</ul>



&#8220;Our current expectation is that capital expenditures dollar growth will be notably larger in 2026 than 2025. We also anticipate total expenses will grow at a significantly faster percentage rate in 2026 than 2025, with growth driven primarily by infrastructure costs, including incremental cloud expenses and depreciation,&#8221; Zuckerberg said in prepared commentary.



&#8220;Employee compensation costs will be the second largest contributor to growth, as we recognize a full year of compensation for employees hired throughout 2025, particularly AI talent, and add technical talent in priority areas,&#8221; he added.



Outlook: Meta sees&nbsp;fourth-quarter revenue in a range of $56 billion to $59 billion, versus the $57.21 billion&nbsp;analyst estimate.



META Stock Price: According to data from<a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw"> Benzinga Pro</a>, Meta stock was down 7.68% at $693.95 in Wednesday's extended trading. 



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Meta Platforms Q3 Earnings Call 2025 &#x7C; $META &#x7C; &#x1f534; WATCH LIVE" width="500" height="281" src="https://www.youtube.com/embed/3GfsXtC_1IQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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<li><a href="https://www.benzinga.com/markets/earnings/25/10/48435381/retail-investors-top-stocks-with-earnings-this-week-sofi-apple-meta-and-more">Retail Investors&#8217; Top Stocks With Earnings This Week: SoFi, Apple, Meta And More</a></li>
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Photo: Shutterstock

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Meta Stock Drops After Q3 Earnings: CapEx Will Be 'Notably Larger' in 2026

Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOG">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>) reported financial results for the third quarter after the market close on Wednesday. Here&#8217;s a rundown of the <a href="https://www.benzinga.com/markets/equities/25/10/48454439/nvidia-alphabet-meta-microsoft-are-big-winners-with-rising-earnings-revisions-says-gary-black-ahead-of-earnings">tech giant&#8217;s report</a>.



<ul class="wp-block-list">
<li>GOOG is approaching key resistance levels. <a href="https://www.benzinga.com/quote/GOOG" target="_blank" rel="noreferrer noopener">Check the analyst take here.</a></li>
</ul>



Q3 Highlights: Google parent Alphabet posted third-quarter revenue of $102.35 billion, beating analyst&nbsp;<a href="http://benzinga.com/quote/GOOG/earnings" target="_blank" rel="noreferrer noopener">estimates</a>&nbsp;of $99.64 billion, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>. The company reported third-quarter earnings of $2.87 per share, beating estimates of $2.33 per share.



Total revenue was up 16% on a year-over-year basis, driven by double-digit growth across all segments. Here's a breakdown of revenue by category.



<ul class="wp-block-list">
<li>Google Search: $56.57 billion, up from $49.39 billion year-over-year</li>



<li>YouTube Advertising:&nbsp;$10.26 billion, up from $8.92&nbsp;billion year-over-year</li>



<li>Google Cloud:&nbsp;$15.16 billion, up from $11.35 billion year-over-year</li>



<li>Google Advertising: $74.18 billion, up from $65.85 billion year-over-year</li>
</ul>



Alphabet ended the quarter with approximately $98.5 billion in cash, cash equivalents and marketable securities.



The Google parent company said it now expects approximately $91 billion to $93 billion in capital expenditures in 2025 due to growth across the business and demand from Cloud customers.



"Our full stack approach to AI is delivering strong momentum and we're shipping at speed, including the global rollout of AI Overviews and AI Mode in Search in record time. In addition to topping leaderboards, our first party models, like Gemini, now process seven billion tokens per minute, via direct API use by our customers,&#8221; said Sundar Pichai, CEO of Alphabet.



Alphabet said the Gemini app now has over 650 million monthly active users. The company also noted it has a backlog of $155 billion for Google Cloud.



Alphabet&#8217;s management team will further discuss the company&#8217;s quarterly results on an earnings call at 4:30 p.m. ET



GOOG Price Action: <a href="https://www.benzinga.com/quote/GOOG" target="_blank" rel="noreferrer noopener">Alphabet shares</a> were up 5.08% in after-hours on Wednesday, trading at $289.14 at the time of publication, according to <a href="http://pro.benzinga.com" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



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</ul>



Image generated using artificial intelligence via DALL-E.

GOOG

GOOGL

Alphabet Q3 Earnings: Revenue, EPS Top Estimates, Google Parent Raises CapEx Guidance On 'Strong Momentum' Across The Business

Technology giant Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>) reported first-quarter financial results on Wednesday <a href="https://www.benzinga.com/earnings">after market close.</a>



Here are the key highlights.



Q1 Results: Microsoft reported first-quarter revenue of $77.7 billion, up 18% year-over-year. The revenue beat the Street consensus estimate of $75.3 billion, according to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent102925&amp;t=be2bearmibe3na1" target="_blank" rel="noopener">Benzinga Pro data</a>.



The company reported quarterly earnings per share of $4.13, beating the Street&#8217;s estimate of $3.67.



Here&#8217;s a look at Microsoft&#8217;s revenue by reporting segment:



<ul class="wp-block-list">
<li>Productivity and Business Processes: $33.0 billion, +17% year-over-year</li>



<li>Intelligent Cloud: $30.9 billion, +28% year-over-year</li>



<li>More Personal Computing: $13.8 billion, +4% year-over-year</li>
</ul>



Overall Microsoft Cloud revenue was $49.1 billion in the quarter, up 26%. The company said the remaining performance obligation for Microsoft Cloud was $392 billion, up 51% year-over-year.



Microsoft 365 Commercial cloud revenue was up 17% year-over-year, while Microsoft 365 Consumer cloud revenue was up 26% year-over-year.



Azure and other cloud services revenue was up 40% year-over-year in the quarter.



The company said Xbox content and services revenue rose 1% year over year.



Cloud and AI were major themes for the company's growth for the quarter.



"Our planet-scale cloud and AI factory, together with Copilots across high volume domains, is driving broad diffusion and real-world impact," Microsoft CEO Satya Nadella said. "It's why we continue to increase our investments in AI across both capital and talent to meet the massive opportunity ahead."



Microsoft Chief Financial Officer Amy Hood said this was "a strong start to the fiscal year," with company expectations for revenue, operating income and earnings per share beat.



"Continued strength in the Microsoft Cloud reflects the growing customer demand for our differentiated platform," Hood said.



Read Also: <a href="https://www.benzinga.com/trading-ideas/previews/25/10/48449394/microsoft-q1-preview-with-2-near-term-monopolies-analyst-says-outperformance-to-continue">Microsoft Q1 Preview: With 2 &#8216;Near-Term Monopolies,&#8217; Analyst Says Outperformance To Continue</a>



What's Next: Microsoft will provide forward-looking guidance during its earnings conference call, which can be viewed below.



MSFT Price Action: Microsoft stock is down 3% to $525.00 in after-hours trading on Wednesday, versus a 52-week trading range of $344.79 to $555.45.



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<li><a href="https://www.benzinga.com/news/25/10/48494920/magnificent-seven-market-cap-today-china-japan-gdp-nvidia-5-trillion-ai-jensen-huang-mags-etf">Magnificent 7 Market Cap Tops $22 Trillion – And Nvidia Just Got Bigger Than Japan</a></li>
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<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Microsoft Q1 2026 Earnings Call &#x7C; $MSFT &#x7C; &#x1f534; WATCH LIVE" width="500" height="281" src="https://www.youtube.com/embed/84ytWWppMEk?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



Photo: Shutterstock

MSFT

Microsoft Q1 Earnings Highlights: AI, Cloud Power Double Beat - 'Strong Start To The Fiscal Year'

Editor's note: This story has been updated to include a statement from Amazon Web Services.



Amazon.com, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMZN">AMZN</a>) AWS said it is operating normally, refuting earlier reports from Downdetector users suggesting an outage affecting its services. Microsoft Corp.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>) Azure, however, has confirmed a widespread disruption impacting parts of its cloud network.



<ul class="wp-block-list">
<li>MSFT stock is moving. <a href="https://www.benzinga.com/quote/MSFT">See the real-time price action here. </a></li>
</ul>



"AWS is operating normally and this reporting is incorrect. The only resource on the internet that provides accurate data on the availability of our services is the AWS Health Dashboard," an AWS spokesperson told Benzinga.



Microsoft Azure said it has completed deploying its "last known good" configuration to fix the outage. "Customers may have begun to see initial signs of recovery," the company said, adding that it is "recovering nodes and routing traffic through healthy nodes" to restore full service.



Azure said configuration changes will remain "temporarily blocked while we continue mitigation efforts" and that full recovery is expected within four hours, by 23:20 UTC (7:20 p.m. ET) on Wednesday. Access to the management portal has largely been restored after it was "failed away from AFD," though a few endpoints like the Marketplace may still experience intermittent issues.



Earlier data from Downdetector showed an increase in user complaints around 11:30 a.m. ET about accessing cloud-based apps and services, though AWS has said its systems are not affected.



Read Next:<a href="https://www.benzinga.com/markets/tech/25/10/48449786/amazon-to-cut-up-to-30000-jobs-largest-layoff-in-company-history"> Amazon To Cut Up To 30,000 Jobs, Largest Layoff In Company History</a>



The Azure outage is disrupting multiple systems that rely on Microsoft's cloud infrastructure, including Microsoft 365, Xbox, Outlook, and services operated by major companies such as Starbucks Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SBUX">SBUX</a>), Costco Wholesale Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/COST">COST</a>), and Kroger.



According to Downdetector, users also reported access issues with Slack, Chime Financial Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CHYM">CHYM</a>), and Capital One Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/COF">COF</a>), though the extent to which these disruptions are connected to Azure remains unclear.



AWS did experience an unrelated outage earlier this month, on Oct. 20, that temporarily disrupted access to several major platforms, including Amazon.com, Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DIS">DIS</a>) Disney+, Lyft Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/LYFT">LYFT</a>), McDonald's Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MCD">MCD</a>) app, Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/RDDT">RDDT</a>), Robinhood Markets, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/HOOD">HOOD</a>), Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SNAP">SNAP</a>) Snapchat, T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TMUS">TMUS</a>), United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/UAL">UAL</a>), and Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VZ">VZ</a>), according to Downdetector.



While only Azure has confirmed an outage, the incident has reignited concerns about the internet's heavy reliance on a small number of dominant cloud providers. Frustrated users took to social media to share speculation and complaints. 



"First AWS, then Azure, now 365 — the centralized cloud trifecta completing the outage bingo card," one user wrote on X.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">First AWS, then Azure, now 365. The centralized cloud trifecta completing the outage bingo card. &quot;Investigating reports&quot; means they&#39;re scrambling to figure out which part of the duct tape failed this time. When the core infrastructure wobbles, everything built on top follows.…&mdash; JOSH (@0xJ05H) <a href="https://twitter.com/0xJ05H/status/1983583114426286133?ref_src=twsrc%5Etfw">October 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/10/48496401/nvidia-oracle-to-build-does-largest-ai-supercomputer-using-100000-gpus">Nvidia, Oracle To Build DOE&#8217;s Largest AI Supercomputer Using 100,000 GPUs</a></li>
</ul>



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Microsoft Says Azure Recovery Underway After Major Outage; AWS Says Services Operating Normally (UPDATED)

In a widely anticipated move, the Federal Reserve on Wednesday reduced its benchmark interest rate by 25 basis points to a target range of 3.75%-4.00% and announced a halt to the runoff of its security <a href="https://www.benzinga.com/news/politics/25/10/48477467/fed-rate-cut-is-done-deal-powells-words-could-spark-the-meltup">holdings starting in December.</a>



In its Wednesday meeting, the Federal Open Market Committee said it would stop reducing its holdings of Treasury and agency mortgage-backed securities on Dec. 1, marking the end of the quantitative tightening program that began in mid-2022.



The Fed's balance sheet, once nearing $9 trillion at its peak, has since declined to $6.59 trillion.



&#8220;The Committee decided to conclude the reduction of its aggregate securities holdings on December 1,&#8221; the statement says.



The unwinding of the balance sheet — a key tightening tool in recent years — had steadily removed liquidity from the financial system. Ending it suggests the Fed is positioning for a more accommodative stance in 2026.



<h3 class="wp-block-heading">Board Split Widens</h3>



The decision to reduce rates was not unanimous. Two FOMC members dissented: Governor Stephen I. Miran preferred a deeper 50-basis-point cut, while Kansas City Fed President Jeffrey R. Schmid supported keeping rates unchanged.



The Fed noted that economic growth remains "moderate," but acknowledged softening in the labor market and persistent inflation pressures.



"Job gains have slowed this year, and the unemployment rate has edged up but remained low through August," the statement said. It added that inflation "has moved up since earlier in the year and remains somewhat elevated."



With unemployment slightly above 4% and inflation around 3% year over year, the Fed appears to be navigating a fine line between supporting growth and preventing inflation from reaccelerating.



<h2 class="wp-block-heading">All Eyes On Powell's Presser</h2>



Fed Chair Jerome Powell is scheduled to hold a press conference at 2:30 p.m. ET. Investors will be laser-focused on any signals about future cuts, especially with growing speculation of another rate reduction at the Fed's December meeting.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/25/10/48494920/magnificent-seven-market-cap-today-china-japan-gdp-nvidia-5-trillion-ai-jensen-huang-mags-etf">Magnificent 7 Market Cap Tops $22 Trillion – And Nvidia Just Got Bigger Than Japan</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Fed Cuts Rates Again And Hits Pause On Its Balance Sheet Runoff

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) just made history on Wednesday by becoming the world's first $5 trillion company—but according to Bank of America, the AI chip powerhouse still has plenty of fuel<a href="https://www.benzinga.com/news/25/10/48494920/magnificent-seven-market-cap-today-china-japan-gdp-nvidia-5-trillion-ai-jensen-huang-mags-etf"> left in the tank. </a>



In a note shared Wednesday, the analyst Vivek Arya raised Nvidia&#8217;s 12-month price objective from $235 to $275, implying 31% upside from current levels, citing a "very positive meeting" during the GTC event in Washington, D.C.



Bank of America's new price target implies a $6.5 trillion valuation for Nvidia, highlighting its dominant position in an AI chip market the firm sees as still in its early stages.



Shares of Nvidia rose 4.1% on Wednesday and are now up more than 55% year-to-date. 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="556" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29101620/image-771-1024x556.png" alt="" class="wp-image-1137604" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29101620/image-771-1024x556.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29101620/image-771-300x163.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29101620/image-771-768x417.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29101620/image-771-1536x834.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29101620/image-771-2048x1112.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Chart: Nvidia Skyrocketed Over 1,200% Since ChatGPT Inception Date – And It&#8217;s Now Worth $5.1 Trillion</figcaption></figure>



<h2 class="wp-block-heading">$500 Billion In Orders And Room To Grow</h2>



Following a meeting with CFO Colette Kress and the investor relations team—held shortly after CEO Jensen Huang's keynote at the company's GTC event in Washington—Bank of America's analysts walked away with renewed conviction in the company's growth trajectory.



The firm highlighted that Nvidia has already booked more than $500 billion in datacenter orders for calendar years 2025 and 2026. That figure is based on a conservative assumption of $25 billion per gigawatt (GW) of deployed AI compute capacity. 



Notably, Nvidia's own investor materials have recently pointed to a range of $30 billion to $40 billion per GW, which suggests potential upside to that $500 billion figure.



The company has visibility into roughly 20 GW of capacity buildout across that timeframe. If pricing skews higher, or if volumes increase, Bank of America believes Nvidia's revenue opportunity could exceed even these already massive estimates.



<h2 class="wp-block-heading">Zero China Revenue Built In</h2>



Notably, the firm's estimates assume no contribution from China in 2025–26, reflecting ongoing U.S. export restrictions. 



Bank of America highlighted that any positive outcome from upcoming U.S.-China talks—such as a green light for Nvidia's newer Blackwell chips—would represent incremental upside.



Still, even without China, Nvidia has positioned itself to scale rapidly, thanks to strong supplier alignment and confidence that power constraints won't hold back future GPU shipments.



Nvidia suggested that it could ship more than 10 million Blackwell and Rubin GPUs through 2025 and 2026, assuming demand continues to rise.



The company said it has adequate supply across the board, including for critical technologies like high-bandwidth memory (HBM) and advanced packaging.



Bank of America added that Nvidia's mid-70% gross margins remain sustainable due to its tight integration with memory suppliers and continued product strength.



<h2 class="wp-block-heading">Valuation Still Looks Reasonable</h2>



At $209 per share, Nvidia trades at roughly 36 times projected 2026 earnings, which BofA sees as a compelling valuation compared to its long-term growth rate.



The firm's new $275 price target is based on 44 times 2026 earnings per share, consistent with Nvidia's historical trading range and justified by the company's market leadership, pricing power, and growth visibility, analysts said.



BofA's EPS estimate for 2026 is around $8, which would still leave Nvidia trading at a PEG ratio (price/earnings-to-growth) around 1—well below most of its peers in the Magnificent Seven, many of which trade above 2x.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Name</td><td>P/E (NTM)</td><td>PEG (NTM)</td></tr><tr><td>NVIDIA Corporation</td><td>36.6x</td><td>1.02</td></tr><tr><td>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>)</td><td>34.8x</td><td>3.49</td></tr><tr><td>Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>)</td><td>34.6x</td><td>2.93</td></tr><tr><td>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>)</td><td>27.1x</td><td>1.80</td></tr><tr><td>Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMZN">AMZN</a>)</td><td>33.2x</td><td>1.76</td></tr><tr><td>Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>)</td><td>26.1x</td><td>1.67</td></tr><tr><td>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>)</td><td>225.6x</td><td>10.28</td></tr></tbody></table><figcaption class="wp-element-caption">Table: Nvidia&#8217;s Valuation vis-à-vis Other Mag. 7 Stocks</figcaption></figure>



Now Read:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/10/48477467/fed-rate-cut-is-done-deal-powells-words-could-spark-the-meltup">A Fed Rate Cut Is Done Deal–But Powell&#8217;s Words Could Spark The Meltup</a></li>
</ul>



Image: Shutterstock

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Nvidia Stock Is On Fire—Here's Why It Could Surge 30% More

A powerful surge in AI-related stocks — led by a 9% advance in NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) over the past two sessions — propelled the S&amp;P 500 above the 6,900 mark and lifted the Nasdaq 100 to 26,100 points, both breaking new records, as investors brace for the Federal Reserve's highly anticipated <a href="https://www.benzinga.com/news/politics/25/10/48477467/fed-rate-cut-is-done-deal-powells-words-could-spark-the-meltup">rate decision on Wednesday.</a>



 • SOXX is poised for a potential breakout. <a href="https://www.benzinga.com/quote/SOXX" target="_blank" rel="noreferrer noopener">Review the technical setup here.</a>



Nvidia made history on Wednesday by becoming the first company ever to surpass a $5 trillion market valuation, pushing the combined worth of the Magnificent Seven to $22.2 trillion. 



During the GTC event in Washington, D.C on Tuesday., CEO Jensen Huang unveiled visibility for more than $500 billion in data center orders for calendar years 2025 and 2026, along with plans to construct seven supercomputers for the U.S. Department of Energy aimed at advancing nuclear research and alternative energy development.



The iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SOXX">SOXX</a>) rallied for the fifth straight session, outperforming all other industries. 



The Federal Reserve is widely expected to trim interest rates by 25 basis points at 2 p.m. ET, bringing the federal funds rate down to the 3.75%–4% range after cooler-than-expected inflation readings last week. Market participants will be closely watching Fed Chair Jerome Powell's comments for any signal that policymakers could deliver another cut in December — an outcome traders currently view as another done deal.



On the earnings front, Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CAT">CAT</a>) surged 13%, marking its strongest single-day gain since March 2009, after reporting results and guidance that topped expectations thanks to robust data center demand.



Other standout performers included Teradyne Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TER">TER</a>), up 20%; Seagate Technology Holdings PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/STX">STX</a>), up 18.3% and Centene Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CNC">CNC</a>), up 11%.



On the downside, Fiserv Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/FI">FI</a>) tumbled over 40% after missing profit estimates and cutting its earnings outlook.



In commodities, precious metals rebounded strongly ahead of the Fed decision — silver rose 2.5% to $48.20 per ounce, while gold gained 1.2% to reclaim the $4,000 level. Oil prices advanced 1.2% to $60 a barrel, and Henry Hub natural gas spiked 15% to $3.85, marking its biggest one-day jump since December 2024.



Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) eased 1.1% to hover near the $111,000 level.



<h2 class="wp-block-heading">Wednesday&#8217;s Performance In Major U.S. Indices, ETFs</h2>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices </td><td>Price</td><td>1-day chg. %</td></tr><tr><td>Russell 2000</td><td>2,523.75</td><td>0.6%</td></tr><tr><td>Dow Jones</td><td>47,964.13</td><td>0.5%</td></tr><tr><td>Nasdaq 100</td><td>26,133.70</td><td>0.5%</td></tr><tr><td>S&amp;P 500</td><td>6,907.81</td><td>0.2%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:00 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul class="wp-block-list">
<li>The&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VOO">VOO</a>) edged 0.2% higher to $632.62.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DIA">DIA</a>) rose 0.4% to $479.27.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>)&nbsp;gained 0.4% to $634.87.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IWM">IWM</a>) rallied 0.6% to $250.50.</li>



<li>The&nbsp;Industrials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLI">XLI</a>) outperformed, up 0.8%; the&nbsp;Real Estate&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLRE">XLRE</a>) lagged, down 2%.</li>
</ul>



<h2 class="wp-block-heading">Wednesday&#8217;s Earnings Movers</h2>



<ul class="wp-block-list">
<li>Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/V">V</a>) down 1.3%</li>



<li>Caterpillar Inc. up 13%</li>



<li>Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VZ">VZ</a>) up 2.5%</li>



<li>Boeing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BA">BA</a>) down 4%</li>



<li>Southern Copper Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SCCO">SCCO</a>) up 3.8%</li>



<li>Automatic Data Processing, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ADP">ADP</a>) down 5.4%</li>



<li>CVS Health Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CVS">CVS</a>) up 0.4%</li>



<li>Mondelez International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MDLZ">MDLZ</a>) down 3.5%</li>



<li>Fiserv, Inc. down 43.2%</li>



<li>American Electric Power Company, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AEP">AEP</a>) up 5.1%</li>



<li>Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PSX">PSX</a>) up 1.4%</li>



<li>Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/EA">EA</a>) flat, up 0.1%</li>



<li>ONEOK, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/OKE">OKE</a>) down 1.2%</li>



<li>Entergy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ETR">ETR</a>) up 0.9%</li>



<li>Otis Worldwide Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/OTIS">OTIS</a>) up 1.5%</li>



<li>Old Dominion Freight Line, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ODFL">ODFL</a>) up 3.5%</li>



<li>Verisk Analytics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/VRSK">VRSK</a>) down 10.9%</li>



<li>Kraft Heinz Co (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/KHC">KHC</a>) down 4.8%</li>



<li>Teradyne, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TER">TER</a>) up 20%</li>



<li>CoStar Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CSGP">CSGP</a>) down 17.8%</li>



<li>Veralto Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VLTO">VLTO</a>) down 3.9%</li>



<li>Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/EQR">EQR</a>) down 3.7%</li>



<li>PPG Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PPG">PPG</a>) down 3.4%</li>



<li>Edison International (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/EIX">EIX</a>) down 0.7%</li>



<li>United Therapeutics Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/UTHR">UTHR</a>) up 11.6%</li>



<li>NiSource Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NI">NI</a>) down 0.8%</li>



<li>Centene Corporation up 11.4%</li>



<li>Fortive Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/FTV">FTV</a>) up 8.3%</li>



<li>WP Carey Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WPC">WPC</a>) up 1.0%</li>



<li>Neurocrine Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NBIX">NBIX</a>) down 2.52%</li>



<li>Regency Centers Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/REG">REG</a>) down 1.1%</li>



<li>BXP, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BXP">BXP</a>) down 2.1%</li>



<li>Skyworks Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SWKS">SWKS</a>) up 3.27%</li>
</ul>



Stocks scheduled to report earnings after the close include Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOG">GOOG</a>), ServiceNow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NOW">NOW</a>), KLA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/KLAC">KLAC</a>), Starbucks Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SBUX">SBUX</a>), Equinix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/EQIX">EQIX</a>), Chipotle Mexican Grill Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CMG">CMG</a>), Public Storage (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PSA">PSA</a>), eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/EBAY">EBAY</a>), Prudential Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PRU">PRU</a>), Extra Space Storage Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/EXR">EXR</a>), Ventas Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VTR">VTR</a>), American Water Works Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AWK">AWK</a>), Rollins Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ROL">ROL</a>), AvalonBay Communities Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AVB">AVB</a>), Markel Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MKL">MKL</a>), Tyler Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TYL">TYL</a>), Invitation Homes Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/INVH">INVH</a>), Essex Property Trust Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ESS">ESS</a>), Mid-America Apartment Communities Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MAA">MAA</a>), Sun Communities Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SUI">SUI</a>), C.H. Robinson Worldwide Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CHRW">CHRW</a>), Carlisle Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CSL">CSL</a>), Encompass Health Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/EHC">EHC</a>), American Homes 4 Rent (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AMH">AMH</a>), Service Corporation International (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SCI">SCI</a>), and UDR Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/UDR">UDR</a>)



Read Now:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/10/48498011/nvidia-stock-is-on-fire-heres-why-it-could-surge-30-more">Nvidia Stock Is On Fire—Here&#8217;s Why It Could Surge 30% More</a></li>
</ul>



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S&P 500 Tops 6,900 Ahead Fed Rate Move, Gold Reclaims $4,000: What's Moving Markets Wednesday?

XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) is seeing strong growth across key metrics, according to a new report by analytics firm Messari.



What Happened: XRP ended Q3 as the fourth-largest cryptocurrency, recording an all-time high market cap of $170.3 billion (+29% QoQ) and a price of $2.85 (+29% QoQ), the report <a href="https://x.com/MessariCrypto/status/1983212381900812376">stated</a>. 



Circulating supply rose 1.4%, while market cap jumped 392.6% year-over-year.



Transaction fees fell 24.5% QoQ to $513,900 and burned XRP dropped 43.6% to 174,200 XRP. 



To date, around 14.2 million XRP has been burned, while 1 billion XRP continues to be released monthly from escrow.



Ripple's USD-pegged stablecoin RLUSD grew 34.7% QoQ to a market cap of $88.8 million, making it the XRPL's largest stablecoin. 



Meanwhile, real-world asset (RWA) issuance surged, pushing the XRPL's RWA market cap to an all-time high of $364.2 million (+215% QoQ).



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48436549/xrp-gains-7-in-1-week-what-is-going-on">XRP Gains 7% In 1 Week: What Is Going On?</a>



Why It Matters: Messari reported noted that there are currently seven pending U.S. spot XRP ETF applications, with SEC decisions expected between Oct. 18 and Nov. 14,. 



XRP futures listed on Coinbase and CME satisfy the new six-month tracking requirement, fueling expectations for ETF approval by year-end. 



Polymarket <a href="https://polymarket.com/event/ripple-etf-approved-in-2025">odds</a> of an ETF approval in 2025 stand at 99%.



Globally, three Canadian XRP ETFs launched in June, and Hashdex introduced the first Brazilian XRP ETF in April.



Following Michael Saylor's Digital Asset Treasury (DAT) model, several companies have announced over $900 million in XRP acquisitions in the U.S., led by Trident Digital ($500 million) and Webus International ($300 million). 



Japanese financial giant SBI Holdings reportedly holds over $10 billion in XRP, while Gumi and Vivopower have also made strategic purchases.



What's Next: Analyst Ali Martinez <a href="https://x.com/ali_charts/status/1983338493960171859">cautioned</a> that XRP's TD Sequential indicator has again flashed a sell signal, after correctly predicting prior reversals, suggesting potential resistance near $2.80 in the short term.



Read Next:



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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48489442/bitcoin-ethereum-xrp-dogecoin-wobble-on-wednesday-ahead-of-fomc-meeting">Bitcoin, Ethereum, XRP, Dogecoin Wobble On Wednesday Ahead Of FOMC Meeting</a></li>
</ul>



Image: Shutterstock

$XRP

XRP Soars 10% In A Week As New Report Highlights 14 Million XRP Burned

The total market value of the Magnificent Seven tech giants soared past $22.2 trillion on Wednesday, powered by a surge in Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>), which crossed the $5 trillion valuation mark for the first time ever—now eclipsing the <a href="https://www.benzinga.com/markets/tech/25/10/48490404/palantir-nvidia-fastest-route-500-billion-ai-software-cathie-wood-saw-it-coming">entire economy of Japan.</a>



Shares of the AI chip leader jumped 4.4% in early trading, building on Tuesday's 5% rally, after CEO Jensen Huang revealed the company has booked $500 billion in AI datacenter orders for 2026, and announced plans to build seven AI supercomputers for the U.S. Department of Energy.



Nvidia has now gained more than 55% year-to-date, outperforming all other names in the Magnificent Seven group and continuing a streak that saw it rise 239% in 2023 and 171% in 2024.



At $5 trillion, Nvidia is now bigger than Japan's GDP, which sits at $4.4 trillion—the world&#8217;s third–largest, according to the latest IMF data.



The Magnificent Seven—Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMZN">AMZN</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>), Nvidia Corp. and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>)—now carry a combined value higher than China's entire economy, which stands at approximately $19.5 trillion, trailing the group by over 15%.



The top two names, Nvidia and Microsoft, now command over $9 trillion together, exceeding the combined GDP of Germany and the United Kingdom – Europe&#8217;s largest economies, which stands at $8.65 trillion.



Apple also joined the $4 trillion club this week, becoming the third company in history to do so after Microsoft and Nvidia.



In terms of market concentration, Magnificent Seven stocks now represent over 37% of the S&amp;P 500.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Name</td><td>Market Cap</td><td>Total Return (YTD)</td></tr><tr><td>NVIDIA Corporation</td><td>$ 5,069.66B</td><td>55.39%</td></tr><tr><td>Microsoft Corporation</td><td>$ 4,036.35B</td><td>29.54%</td></tr><tr><td>Apple Inc.</td><td>$ 3,994.53B</td><td>7.87%</td></tr><tr><td>Alphabet Inc.</td><td>$ 3,252.26B</td><td>41.94%</td></tr><tr><td>Amazon.com, Inc.</td><td>$ 2,466.078</td><td>5.40%</td></tr><tr><td>Meta Platforms, Inc.</td><td>$ 1,890.90B</td><td>28.86%</td></tr><tr><td>Tesla, Inc.</td><td>$ 1,537.51B</td><td>14.47%</td></tr><tr><td>Combined Market Cap</td><td>$ 22,247.28B</td><td> </td></tr><tr><td>Average YTD Return</td><td></td><td>26.42%</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Nvidia&#8217;s AI Boom Fuels Mag 7 Surge</h2>



The Roundhill Magnificent Seven ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MAGS">MAGS</a>), which tracks these seven stocks, is up 27% year-to-date, handily beating the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VOO">VOO</a>)'s 18% and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>)&#8217;s 24% climb.



"AI euphoria is once again causing the Magnificent Seven to outperform the Impressive-493," Ed Yardeni said on Wednesday. 



Goldman Sachs analyst James Schneider said Nvidia now has visibility into $500 billion in cumulative Datacenter revenue for 2025–26, a figure that is 12% above consensus estimates from Visible Alpha.



Investors now await Alphabet, Meta and Microsoft earnings after Wednesday&#8217;s market close. Apple and Amazon report on Thursday.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="556" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29093748/image-768-1024x556.png" alt="" class="wp-image-1137503" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29093748/image-768-1024x556.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29093748/image-768-300x163.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29093748/image-768-768x417.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29093748/image-768-1536x834.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29093748/image-768-2048x1112.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



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<li><a href="https://www.benzinga.com/markets/tech/25/10/48486650/trump-to-discuss-nvidias-super-duper-ai-chips-with-xi-hints-at-meeting-jensen-huang">Trump To Discuss Nvidia&#8217;s &#8216;Super Duper&#8217; AI Chips With Xi, Hints At Meeting Jensen Huang</a></li>
</ul>



Photo: Shutterstock

Analyst Ratings

MAGS

Magnificent 7 Market Cap Tops $22 Trillion – And Nvidia Just Got Bigger Than Japan

NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) announced Tuesday that, in partnership with Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ORCL">ORCL</a>), it will build the U.S. Department of Energy's largest artificial intelligence supercomputer using more<a href="https://www.benzinga.com/markets/tech/25/10/48490404/palantir-nvidia-fastest-route-500-billion-ai-software-cathie-wood-saw-it-coming"> than 100,000 GPUs.&nbsp;</a>



The goal is to build a system of supercomputing power that will support the development of advanced AI models and<a href="https://nvidianews.nvidia.com/news/nvidia-oracle-us-department-of-energy-ai-supercomputer-scientific-discovery"> accelerate research</a> across various scientific and industrial applications.&nbsp;



<ul class="wp-block-list">
<li>NVDA stock is hitting all-time highs. <a href="https://www.benzinga.com/quote/NVDA">Watch the price action here. </a></li>
</ul>



Read Next:<a href="https://www.benzinga.com/markets/tech/25/10/48449786/amazon-to-cut-up-to-30000-jobs-largest-layoff-in-company-history"> Amazon To Cut Up To 30,000 Jobs, Largest Layoff In Company History</a>



<h2 class="wp-block-heading">Partnership Details</h2>



Under the terms of the deal, Nvidia will supply its cutting-edge AI GPUs, while Oracle will provide its cloud infrastructure and expertise in enterprise-grade cloud services.&nbsp;



The Solstice system will feature 100,000 Nvidia Blackwell GPU and will be the largest AI supercomputer in the DOE's lab complex, with delivery expected in 2026.&nbsp;



Another system, called Equinox, will feature 10,000 Blackwell GPUs and construction at the DOE's Argonne Leadership Computing Facility will begin immediately.&nbsp;



The collaboration merges Oracle's scalable, secure cloud solutions with Nvidia's hardware and AI software stack—allowing the DOE to perform complex simulations, big data analytics and AI model training at massive scale and speed.



<h2 class="wp-block-heading">NVDA All-Time Highs&nbsp;</h2>



Nvidia shares surged to all-time highs Wednesday, surpassing a $5 trillion market valuation, driven by a 10% jump following its GTC event in Washington, D.C on Tuesday.&nbsp;



Reasons for the rally include new product updates, multi-billion dollar AI chip orders and <a href="https://www.benzinga.com/analyst-stock-ratings/price-target/25/10/48489797/nvidia-to-rally-around-37-here-are-10-top-analyst-forecasts-for-wednesday">major partnerships</a> — including deals with Nokia for 6G networks and several leading companies in robotics, pharmaceuticals and telecom.&nbsp;



NVDA stock was up 4.46% at $210.00 on Wednesday morning, according to<a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw"> Benzinga Pro</a>.&nbsp;



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</ul>



Photo: Shutterstock

Government

ORCL

Nvidia, Oracle To Build DOE's Largest AI Supercomputer Using 100,000 GPUs

When Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) became the world's first $5 trillion company this week, it wasn't just another milestone in the chip wars—it was the start of a new chapter in the <a href="https://www.benzinga.com/topic/artificial-intelligence">artificial intelligence software race</a>. 



And if ARK Invest's <a href="https://www.benzinga.com/topic/cathie-wood">Cathie Wood</a> was right about one thing, it's that hardware alone doesn't win revolutions—software does.



<ul class="wp-block-list">
<li>Track NVDA stock <a href="https://www.benzinga.com/quote/NVDA">here</a>.</li>
</ul>



<h2 class="wp-block-heading">Nvidia's Next Leg Isn't About Chips — It's About Control</h2>



Nvidia's string of new partnerships — from Uber Technologies Inc's (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/UBER">UBER</a>) robotaxi fleet to the U.S. Department of Energy's supercomputers — underscored one theme: compute power is everywhere, but intelligence is scarce. Enter Palantir Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PLTR">PLTR</a>).



Palantir&#8217;s CEO <a href="https://www.benzinga.com/topic/alex-karp">Alex Karp</a> called their collaboration a play to "create more value for the end user." Nvidia&#8217;s CEO <a href="https://www.benzinga.com/topic/jensen-huang">Jensen Huang</a> hailed Palantir as "the most technically deep enterprise platform company in the world." Behind the compliments lies a clear strategy — Nvidia is building not just faster chips, but entire AI operating systems for enterprises.



Palantir's Foundry and AIP platforms give Nvidia's silicon a decision-making layer, turning raw processing power into real-world outcomes — exactly the bridge enterprises have been missing.



Read Also: <a href="https://www.benzinga.com/markets/tech/25/10/48430211/palantir-locks-in-poland-and-maybe-its-next-all-time-high">Palantir Locks In Poland — And Maybe Its Next All-Time High</a>



<h2 class="wp-block-heading">Cathie Wood Saw The Software Shift Before Wall Street</h2>



Back in May 2023, Wood <a href="https://www.bloomberg.com/news/articles/2023-05-31/cathie-wood-says-software-stocks-are-next-ai-bet-after-nvidia-lib3g6vs?srnd=premium&amp;leadSource=uverify%20wall">said</a>, "Software providers will be the biggest beneficiaries of the AI revolution, not the hardware enablers." Few listened then. But Nvidia's pivot toward AI software — now backed by Palantir's data muscle — is proving her prescient.



I/O Fund&#8217;s CEO Beth Kindig's <a href="https://x.com/Beth_Kindig/status/1983269310668910778">post</a> that Nvidia could hit a $500 billion data center business by 2028 instead of 2033 suddenly looks less ambitious if Palantir helps turbocharge the software layer.



Nvidia's growth story is evolving from chips to choices — and Palantir could be the multiplier that accelerates it. For investors, the message is clear: if the next $500 billion in AI belongs to software, Cathie Wood wasn't just early — she might've been right all along.



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Image: Shutterstock

Long Ideas

PLTR

UBER

Palantir Could Be Nvidia's Fastest Route To $500 Billion In AI Software — Cathie Wood Saw It Coming

Amazon.com Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMZN">AMZN</a>) cloud computing unit has committed to investing a minimum of $5 billion in South Korea by 2031 to establish new artificial intelligence (AI)<a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/10/48185815/ai-data-center-demand-stocks-to-buy-goldman-sachs"> data centers</a>.



<h2 class="wp-block-heading">AWS Investment To Boost Billions In US GDP</h2>



Amazon Web Services (AWS) CEO Matt Garman and South Korean President Lee Jae Myung announced the move at the Asia-Pacific Economic Cooperation (APEC) 2025 summit on Wednesday, according to Reuters, citing the South Korean presidential office. The new data centers will be located on the outskirts of Seoul.



Garman also revealed AWS&#8217;s broader investment plans, stating, &#8220;At AWS, we&#8217;ve&nbsp;invested and committed to investment&nbsp;of an additional $40 billion&nbsp;across 14 non-U.S. APEC countries&nbsp;and economies between now and&nbsp;2028.&#8221; He also stated that the move is expected to generate an additional $45 billion in U.S. GDP and create broader downstream gains for the APEC region.



Meanwhile, Lee expressed that Amazon&#8217;s investment would accelerate the growth of South Korea&#8217;s AI industry ecosystem, aligning with the nation&#8217;s goal to be among the top three AI leaders globally.



Amazon was among seven global companies that have collectively committed $9 billion in investment over the next five years.



See Also:&nbsp;<a href="https://benzinga.com/markets/equities/25/10/48454272/oracles-500-debt-to-equity-ratio-signals-massive-borrowing-warns-jpmorgan-debt-levels-much-highe" target="_blank" rel="noreferrer noopener">Oracle&#8217;s 500% Debt-To-Equity Ratio Signals Massive Borrowing, Warns JPMorgan: Debt Levels &#8216;Much Higher&#8217; Than AI Peers</a>



<h2 class="wp-block-heading">South Korea Doubles Down On AI Infrastructure</h2>



The investment by AWS comes amid a surge in AI-related activities in South Korea. Earlier in June, Alibaba Group Holding's (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BABA">BABA</a>) cloud unit <a href="https://www.benzinga.com/markets/tech/25/06/46032308/alibaba-expands-ai-cloud-footprint-in-south-korea-with-new-data-hub-launching-in-june">announced plans</a> to launch its second data center in South Korea to capitalize on the AI frenzy. The company committed at least $53 billion over the next three years towards AI infrastructure ambitions.



In October, OpenAI, backed by Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>) and NVIDIA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>), partnered with Samsung Electronics (OTC:<a class="ticker" href="https://www.benzinga.com/quote/SSNLF">SSNLF</a>) and SK Hynix to <a href="https://www.benzinga.com/markets/tech/25/10/47968429/openai-taps-samsung-and-sk-hynix-for-massive-ai-data-push-including-new-korea-data-center">construct a dedicated</a> AI data center in southwest Korea.



The AWS investment announcement also comes a day before Amazon&#8217;s Q3 earnings report, which is being <a href="https://www.benzinga.com/trading-ideas/previews/25/10/48480090/amazon-q3-preview-aws-outage-job-cuts-overshadow-growth-plans">closely watched </a>amid recent negative headlines about AWS outages and job cuts. Analysts expect the company to report third-quarter revenue of $177.72 billion, with the earnings report due after the market close on Thursday.



<figure class="wp-block-image aligncenter size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="453" height="267" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29091639/image-762.png" alt="" class="wp-image-1137418" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29091639/image-762.png 453w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29091639/image-762-300x177.png 300w" sizes="(max-width: 453px) 100vw, 453px" /></a></figure>



Benzinga's Edge Rankings place Amazon in the 93rd percentile for growth and the 46th percentile for value, reflecting its mixed performance. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Check the detailed report here</a>.&nbsp;



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Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Politics

BABA

SSNLF

Amazon Web Services To Invest At Least $5 Billion In South Korea's AI Sector By 2031

Verizon Communications&nbsp;(NYSE:&nbsp;VZ) stock gained on Wednesday after the company reported mixed&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/10/g48487511/verizon-reports-3q-2025-earnings-reiterates-full-year-financial-guidance" rel="noreferrer noopener">third-quarter financial results</a>&nbsp;and affirmed 2025 guidance.



<ul class="wp-block-list">
<li>VZ stock is showing exceptional strength. <a href="https://www.benzinga.com/quote/VZ" target="_blank" rel="noreferrer noopener">Review the technical setup here</a></li>
</ul>



The company reported&nbsp;quarterly revenue growth of 1.5% year-over-year (Y/Y), reaching $33.8 billion, which missed the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst&nbsp;consensus estimate</a> of $34.3 billion.



Adjusted EPS of $1.21 topped the&nbsp;analyst&nbsp;consensus estimate of $1.19.



Also Read: <a target="_blank" href="https://www.benzinga.com/node/48350710" rel="noreferrer noopener">AT&amp;T Gains Wireless Subscribers As iPhone Promotions Fuel Growth</a>



<h2 class="wp-block-heading">Broadband</h2>



Verizon reported 306,000 broadband net additions in the quarter.



Total fixed wireless access net additions were 261,000 in the quarter, bringing the base to nearly 5.4 million fixed wireless access subscribers courtesy of promotions surrounding the recent Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>) iPhone launches.



The company delivered 61,000 Fios internet net additions in the quarter.



Total broadband connections grew to over 13.2 million as of the end of the quarter, representing an 11.1% increase Y/Y.



In the third quarter of 2025, wireless service revenue reached an industry-leading $21.0 billion, representing a year-over-year increase of 2.1%.



<h2 class="wp-block-heading">Consumer Segment</h2>



Total quarterly Verizon Consumer revenue was $26.1 billion, up by 2.9% Y/Y, despite reporting 7,000 wireless retail postpaid phone net losses for the quarter, down from 18,000 postpaid phone net additions Y/Y.



Consumer wireless service revenue for the quarter reached $17.4 billion, up 2.4% Y/Y.



Consumer wireless retail postpaid churn was 1.12%, and wireless retail postpaid phone churn was 0.91% for the quarter. Consumer wireless postpaid average revenue per account (ARPA) stood at $147.91, representing a 2.0% year-over-year increase.



Consumer reported 47,000 wireless retail core prepaid net additions, representing the fifth consecutive quarter of positive subscriber growth.



<h2 class="wp-block-heading">Business Segment</h2>



Total quarterly Verizon Business revenue was $7.1 billion, a decrease of 2.8% Y/Y despite 110,000 wireless retail postpaid net additions in the quarter, including 51,000 postpaid phone net additions.



Business wireless service revenue was $3.6 billion, up by 0.7% Y/Y for the quarter.



Business wireless retail postpaid churn was 1.56% and wireless retail postpaid phone churn was 1.25% in the quarter.



The Consumer segment EBITDA margin declined by 40 bps to 43.0%, while the Business segment EBITDA margin grew by 160 bps to 23.4%.&nbsp;



Verizon&#8217;s quarterly adjusted EBITDA increased to $12.8 billion, up from $12.5 billion Y/Y.



Verizon&#8217;s net income stood at $5.1 billion, compared to $3.4 billion a year ago.



Verizon&#8217;s quarterly free cash flow&nbsp;was $6.96 billion, up from $5.96 billion Y/Y.



<h2 class="wp-block-heading">FY25 Outlook</h2>



Verizon&nbsp;reiterated a 2.0%-2.8%&nbsp;growth in&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/earnings/25/07/46518842/verizons-premium-plans-drive-higher-profit-projections-after-solid-quarter" rel="noreferrer noopener">wireless service&nbsp;revenue</a>. It reaffirmed its adjusted EPS outlook of $4.64-$4.73 versus&nbsp;the <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">analyst consensus estimate</a> of $4.69.



Verizon maintained its 2025 free cash flow outlook of $19.5 billion to $20.5 billion, operating cash flow of $37.0 billion to $39.0 billion, and capital expenditure of $17.5 billion to $18.5 billion.



VZ Price Action: Verizon Communications shares were up 3.51% at $40.69 during premarket trading on Wednesday, <a target="_blank" href="https://www.benzinga.com/pro/" rel="noreferrer noopener">according to Benzinga Pro data</a>.



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</ul>



Photo via Shutterstock

Guidance

Verizon Sees Broadband Gains Amid Mixed Financial Results

President Donald Trump&nbsp;is set to address the topic of&nbsp;Nvidia Corporation&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) <a href="https://www.benzinga.com/markets/macro-economic-events/25/10/48485052/trump-hints-at-cutting-fentanyl-tariffs-discussing-farmers-ahead-of-high-stakes-xi-jinping-meeting">advanced AI chips</a> with&nbsp;Chinese President Xi Jinping&nbsp;during their upcoming meeting.



<h2 class="wp-block-heading">Trump Set To Meet Huang Before Xi</h2>



On Wednesday, Trump told reporters about the possibility of discussing Nvidia&#8217;s Blackwell AI processors with Xi Jinping during their anticipated meeting, <a href="https://www.reuters.com/world/china/trump-says-may-speak-chinas-xi-about-nvidias-super-duper-blackwell-chip-2025-10-29/">reported</a> CNBC. "We'll be speaking about Blackwell, it's the super duper chip," said Trump.



The &#8220;super duper chip&#8221; Trump referred to is believed to be&nbsp;the GB200 Grace Blackwell Superchip, Nvidia&#8217;s most advanced AI chip.



Trump also praised Nvidia&#8217;s Blackwell chips, claiming they are a decade ahead of any other chip. &#8220;That&#8217;s our country. We&#8217;re about 10 years ahead of anybody else in chips, in the highly sophisticated chips. I think we may be talking about that with President Xi,&#8221; he said.



Trump, during a business leader meeting in Japan on Tuesday, mentioned that he is set to meet CEO Jensen Huang on Wednesday. He also congratulated Nvidia and Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TSM">TSM</a>) for introducing the first <a href="https://www.benzinga.com/markets/tech/25/10/48297273/nvidia-tsmc-unveil-the-first-us-made-blackwell-wafer-but-analyst-ming-chi-kuo-flags-this-overlooked-detail">U.S.-made Blackwell</a> Wafer earlier this month.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="US President Donald Trump to hold talks with Nvidia chief Jensen Huang during Asia Trip" width="500" height="281" src="https://www.youtube.com/embed/WT5Ke8w70uY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<a href="https://www.benzinga.com/markets/commodities/25/10/48485186/china-reportedly-resumes-us-soybean-purchases-before-trump-xi-meeting">See Also: China Reportedly Resumes US Soybean Purchases Before Trump-Xi Meeting</a>



<h2 class="wp-block-heading">Huang Sounds Alarm On US-China Tech War</h2>



Trump&#8217;s decision to discuss Nvidia&#8217;s AI chips with Xi is significant given the recent developments in the U.S.-China tech relationship. Just a day before, CEO&nbsp;Jensen Huang&nbsp;<a href="https://www.benzinga.com/markets/tech/25/10/48483688/nvidia-ceo-jensen-huang-delivers-stark-message-in-washington-us-cant-win-ai-battle-by-shutting-out-chinas-developers-it-hurts-us-more">warned</a>&nbsp;that the U.S. cannot win the AI battle by isolating China&#8217;s developers. He stressed the need for the U.S. to lead in AI while keeping China&#8217;s developer ecosystem accessible.



This comes after China, in September,&nbsp;<a href="https://www.benzinga.com/markets/tech/25/09/47709575/china-bans-nvidia-chip-purchases-for-major-tech-firms-nvda-stock-falls-in-wednesday-pre-market">banned its major tech firms</a>&nbsp;from purchasing Nvidia&#8217;s AI chips, a move that impacted Nvidia&#8217;s stock. The ban followed earlier restrictions on Nvidia&#8217;s China-only chips, with Chinese regulators determining that domestic chips had reached performance levels comparable to those of Nvidia&#8217;s models used in China.



That being said, Huang's keynote at Tuesday&#8217;s Nvidia GTC&nbsp;also saw him giving &#8220;enormous credit" to Trump for advancing the American tech sector and pushing companies to bring manufacturing back to the U.S. "If this didn't happen, we could have been in a bad situation, and I want to thank President Trump," said Huang. 



READ NEXT:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/movers/25/10/48470355/why-is-nvidia-investing-1-billion-in-nokias-ai-future">Why Is Nvidia Investing $1 Billion In Nokia&#8217;s AI Future?</a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Trump To Discuss Nvidia's 'Super Duper' AI Chips With Xi, Hints At Meeting Jensen Huang

(Editor&#8217;s note: The future prices of benchmark tracking ETFs, the lede, and the headline were updated in the story.)



U.S. stock futures rose on Wednesday following Tuesday's advances. Futures of major benchmark indices were higher as the Dow Jones pared earlier losses to trade higher.



President Donald Trump hinted that he expects to <a href="https://www.benzinga.com/markets/macro-economic-events/25/10/48485052/trump-hints-at-cutting-fentanyl-tariffs-discussing-farmers-ahead-of-high-stakes-xi-">lower fentanyl-linked tariffs</a> on China, a potential major concession ahead of a high-stakes meeting with Chinese President Xi Jinping in South Korea this week. 



Investors await the Federal Reserve Open Market Committee decision to <a href="https://www.benzinga.com/markets/economic-data/25/10/48408501/september-inflation-report-fed-interest-rates">cut interest rates</a> by 25 basis points on Wednesday afternoon. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool&#8217;</a>s projections show markets pricing a 99.9% likelihood of the Federal Reserve cutting the current interest rates later today.



Meanwhile, Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOG">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>), and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>) are slated to <a href="https://www.benzinga.com/markets/equities/25/10/48454439/nvidia-alphabet-meta-microsoft-are-big-winners-with-rising-earnings-revisions-says-gary-black-ah">report quarterly earnings</a> after the closing bell today. 



Additionally, the 10-year Treasury bond yielded 3.99% and the two-year bond was at 3.50%.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>-0.25%</td></tr><tr><td>S&amp;P 500</td><td>0.16%</td></tr><tr><td>Nasdaq 100</td><td>0.39%</td></tr><tr><td>Russell 2000</td><td>-0.18%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SPY">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, rose in premarket on Wednesday. The SPY was up 0.28% at $688.99while the QQQ advanced 0.46% to $4635.85, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Stock Market News Today &#x7C; MSFT, META, GOOG Earnings &#x7C; Oct 29, 2025" width="500" height="281" src="https://www.youtube.com/embed/qk-GQd3sNz0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading">Stocks In Focus</h2>



<h2 class="wp-block-heading">Alphabet</h2>



<ul class="wp-block-list">
<li>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOG">GOOG</a>) rose 0.67% in premarket on Wednesday as analysts expect it to report earnings of $2.32 per share on revenue of $99.64 billion after the closing bell.</li>
</ul>



<ul class="wp-block-list">
<li>GOOG maintained a stronger price trend over the short, medium, and long terms, as per Benzinga&#8217;s Edge Stock Rankings, with a robust quality ranking. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="152" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050411/GOOG-EDGE-OCT-29-1024x152.png" alt="Benzinga's Edge Stock Rankings for GOOG. " class="wp-image-1136946" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050411/GOOG-EDGE-OCT-29-1024x152.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050411/GOOG-EDGE-OCT-29-300x44.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050411/GOOG-EDGE-OCT-29-768x114.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050411/GOOG-EDGE-OCT-29.png 1155w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading">Meta Platforms</h2>



<ul class="wp-block-list">
<li>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>) was 0.47% higher ahead of its earnings, slated to be released after the closing bell. Analysts expect earnings of $8.11 per share on revenue of $57.21 billion for the latest quarter.</li>
</ul>



<ul class="wp-block-list">
<li>META maintains a stronger price trend over the short, medium, and long terms, with a poor value ranking. Additional information is <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="155" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050422/META-EDGE-OCT-29-1024x155.png" alt="Benzinga's Edge Stock Rankings for META. " class="wp-image-1136947" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050422/META-EDGE-OCT-29-1024x155.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050422/META-EDGE-OCT-29-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050422/META-EDGE-OCT-29-768x117.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050422/META-EDGE-OCT-29.png 1153w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Microsoft</h2>



<ul class="wp-block-list">
<li>Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>) advanced 0.39% as analysts expect it to report earnings of $2.97 per share on revenue of $10.61 billion after the closing bell.</li>
</ul>



<ul class="wp-block-list">
<li>MSFT maintained a stronger price trend over short, medium, and long terms, with a strong growth ranking. Additional performance details, as per Benzinga&#8217;s Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="156" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050435/MSFT-EDGE-OCT-29-1-1024x156.png" alt="Benzinga's Edge Stock Rankings for MSFT. " class="wp-image-1136948" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050435/MSFT-EDGE-OCT-29-1-1024x156.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050435/MSFT-EDGE-OCT-29-1-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050435/MSFT-EDGE-OCT-29-1-768x117.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050435/MSFT-EDGE-OCT-29-1.png 1144w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Teradyne</h2>



<ul class="wp-block-list">
<li>Teradyne Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TER">TER</a>) surged 20.91% after the chip-testing equipment provider delivered better-than-expected third-quarter earnings along with a robust outlook.</li>
</ul>



<ul class="wp-block-list">
<li>Benzinga&#8217;s Edge Stock Rankings indicate that TER maintains a stronger price trend over the short, medium, and long terms, with a poor value ranking. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="151" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050454/TER-EDGE-1024x151.png" alt="Benzinga's Edge Stock Rankings for TER. " class="wp-image-1136949" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050454/TER-EDGE-1024x151.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050454/TER-EDGE-300x44.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050454/TER-EDGE-768x114.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050454/TER-EDGE.png 1156w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Seagate Technology</h2>



<ul class="wp-block-list">
<li>Seagate Technology Holdings PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/STX">STX</a>) shares climbed 7.17% after the company released its first-quarter earnings report, beating expectations on the top and bottom lines.</li>
</ul>



<ul class="wp-block-list">
<li>STX maintained a stronger price trend over short, medium, and long terms, with a moderate growth ranking. Additional performance details, as per Benzinga&#8217;s Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="158" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050540/STX-EDGE-1024x158.png" alt="Benzinga's Edge Stock Rankings for STX. " class="wp-image-1136951" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050540/STX-EDGE-1024x158.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050540/STX-EDGE-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050540/STX-EDGE-768x118.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29050540/STX-EDGE.png 1149w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Cues From Last Session</h2>



Sectors gaining on Tuesday included consumer discretionary and information technology, which bucked an otherwise negative market trend. Real estate, utilities, and energy stocks recorded the biggest losses as most S&amp;P 500 sectors fell.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.80%</td><td>23,827.49</td></tr><tr><td>S&amp;P 500</td><td>0.23%</td><td>6,890.89</td></tr><tr><td>Dow Jones</td><td>0.34%</td><td>47,706.37</td></tr><tr><td>Russell 2000</td><td>-0.55%</td><td>2,506.65</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Insights From Analysts</h2>



Analysts at BlackRock maintain a generally positive forward-looking stance on the economy and stock market, centered on expectations of Federal Reserve policy.



The firm&#8217;s base case scenario assumes that &#8220;a softer labor market allowing Fed rate cuts and supporting risk assets &#8211; is playing out&#8221;. This view is reinforced by cooling inflation and rising jobless claims, which BlackRock believes give the Fed a &#8220;data-backed path to keep cutting&#8221;.



Tactically, BlackRock is overweight U.S. equities. The firm notes that &#8220;rate cuts amid a notable slowing of activity without recession should support U.S. stocks and the AI theme&#8221;. Artificial intelligence is a key factor in this positive outlook, as BlackRock states, &#8220;we see AI supporting corporate earnings&#8221;.



However, the firm is also &#8220;keeping our macro scenarios fresh&#8221; by weighing alternative outcomes. A key risk scenario involves &#8220;hiring rebounds amid ongoing labor supply constraints,&#8221; which could create stagflationary pressure and cause stocks to fall.



Conversely, an upside scenario exists where &#8220;the AI buildout and the resulting productivity gains&#8221; lead to strong growth, lower inflation, and &#8220;big stock gains&#8221;.



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures </a>



<h2 class="wp-block-heading">Upcoming Economic Data</h2>



Here's what investors will be keeping an eye on Wednesday;



<ul class="wp-block-list">
<li>September&#8217;s advanced U.S. trade balance in goods, advanced retail inventories, and wholesale inventories data will be delayed due to the shutdown. But, September&#8217;s Pending home sales data will be released by 10:00 a.m. ET.</li>
</ul>



<ul class="wp-block-list">
<li>The Federal Reserve&#8217;s decision on interest rates will be announced by 2:00 p.m., and the Fed Chair Jerome Powell will address a press conference at 2:30 p.m. ET.</li>
</ul>



<h2 class="wp-block-heading">Commodities, Gold, Crypto, And Global Equity Markets</h2>



Crude oil futures were trading lower in the early New York session by 0.70% to hover around $59.73 per barrel.



Gold Spot US Dollar rose 1.62% to hover around $4,016.71 per ounce. Its last record high stood at $4,381.6 per ounce. The U.S. Dollar Index spot was 0.26% higher at the 98.9230 level.



Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was trading 1.16% lower at $113,085.98 per coin.



Asian markets closed higher on Wednesday except Australia's ASX 200 and Hong Kong's Hang Seng indices. India&#8217;s NIFTY 50, South Korea's Kospi, Japan's Nikkei 225, and China&#8217;s CSI 300 indices rose. European markets were mostly lower in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/10/48484808/bill-gates-foundation-with-stakes-in-microsoft-berkshire-waste-management-faces-senate-inquiry-over-">Bill Gates Foundation With Stakes In Microsoft, Berkshire, Waste Management, Faces Senate Inquiry Over Alleged $23 Million China Funding</a></li>
</ul>



Photo courtesy: Shutterstock

Market Summary

Futures

Treasuries

Pre-Market Outlook

Stock Market Today: Dow Pare Gains, S&P 500 And Nasdaq Advance Ahead Of FOMC Decision—Alphabet, Microsoft, Meta In Focus (UPDATED)

Visa Inc's (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/V">V</a>) <a href="https://www.benzinga.com/quote/V/earnings">fourth-quarter results</a> have drawn a clear line in the payments sand. JPMorgan analyst Tien-Tsin Huang says the data shows Visa widening its lead. Global travel is rebounding, fueling a surge in high-margin cross-border transactions — a segment Mastercard Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MA">MA</a>) may struggle to keep pace with. The two networks' three-year, 90% KPI correlation is beginning to break.



<ul class="wp-block-list">
<li>Track Visa stock <a href="https://www.benzinga.com/quote/V">here</a>.</li>
</ul>



<h2 class="wp-block-heading">Visa's Global Volumes Stay Hot</h2>



Visa's fourth quarter print left little doubt about momentum: U.S. payment volumes rose 7.6%, global volumes climbed 8.8%, and cross-border payments surged 12% — all sequential improvements. Revenue came in at $10.7 billion, up 11% FXN and 10% organically, beating both guidance and JPMorgan estimates, while adjusted EPS hit $2.98, up 10% year-on-year.



Huang sees this as evidence that Visa's growth engine is still firing smoothly, aided by stable 66.8% margins and a clean commercial volume rebound. Visa may be edging ahead in cross-border and total volume growth as 2025 unfolds.



Read Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/25/10/48137168/paypals-quiet-ai-comeback-could-it-be-powering-openais-shopping-push">PayPal&#8217;s Quiet AI Comeback — Could It Be Powering OpenAI&#8217;s Shopping Push?</a>



<h2 class="wp-block-heading">Mastercard Faces Tougher Comps</h2>



While Mastercard is still delivering strong underlying trends, Huang flags that its year-over-year comparisons are turning steeper. After lapping prior pricing gains and large client wins (like Citizens debit and Capital One), Mastercard's organic growth could start to compress in the second half of 2025. 



The analyst also points to potential portfolio shifts, including a possible Apple Card move to JPMorgan, which could temporarily dent U.S. volume optics.



<h2 class="wp-block-heading">Why It Matters</h2>



Huang&#8217;s call is clear: stay overweight Visa. Both networks benefit from resilient spending and stable macro trends, but Visa's "cleaner comps" and steadier execution give it the upper hand as the divergence begins. 



Huang's base case implies 15–20% upside for Visa stock — and while Mastercard remains a quality hold, this round of the cross-border game goes decisively to Visa.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/movers/25/10/48467609/paypal-ceo-says-gen-z-is-ditching-credit-cards-bnpl">PayPal CEO Says Gen Z Is Ditching Credit Cards — And He&#8217;s Cashing In</a></li>
</ul>



Image created using artificial intelligence via DALL-E.

Earnings Beats

Visa Vs. Mastercard: Why One Network's Winning The Cross-Border Game

A coalition of over two dozen states has filed a lawsuit against the Trump administration, demanding that funding for the Supplemental Nutrition Assistance Program (SNAP) be continued during the <a href="https://www.benzinga.com/news/politics/25/10/48426011/republicans-are-weighing-an-extreme-option-to-end-government-shutdown-risking-permanent-change-to-senate-rules-and-bipartisan-balance">ongoing government</a> shutdown.



<h2 class="wp-block-heading">Lawsuit Calls SNAP Suspension Illegal</h2>



The lawsuit, co-led by states including New York, California, and Massachusetts, was filed on Tuesday. The states are seeking a federal court order to compel the U.S. Department of Agriculture (USDA) to utilize emergency reserve funds to provide food benefits to the about 42 million families and children who rely on SNAP.



The suit, &nbsp;filed in the U.S. District Court in Massachusetts,&nbsp;alleges that the USDA&#8217;s actions have resulted in a delay in SNAP benefits, a first since the program&#8217;s inception. The states argue that suspending these benefits is both &#8220;capricious&#8221; and &#8220;arbitrary&#8221; under the Administrative Procedure Act.



Letitia James, New York State Attorney General, stated, &#8220;Millions&nbsp;of Americans are about to&nbsp;go hungry because the federal&nbsp;government has chosen to withhold&nbsp;food assistance it is legally&nbsp;obligated to provide.&#8221;



<h2 class="wp-block-heading">Rollins Calls On Democrats To End Shutdown</h2>



The USDA had earlier warned that the SNAP benefits &#8220;well has run dry&#8221; for November. Agriculture Secretary&nbsp;Brooke Rollins had called it &#8216;shameful&#8217; that there <a href="https://www.benzinga.com/news/politics/25/10/48320510/trumps-agriculture-secretary-calls-it-shameful-that-there-arent-enough-funds-to-provide-snap-to-millions-of-americans">weren&#8217;t enough funds</a> to provide SNAP to millions of Americans.



Despite the lawsuit, Rollins&nbsp;<a href="https://www.foxnews.com/video/6384199875112">reiterated </a>on Fox News on Tuesday that the&nbsp;USDA does not have the&nbsp;funds for SNAP and that the Democrats must end the shutdown. 



See Also:&nbsp;<a href="https://benzinga.com/markets/tech/25/10/48483064/larry-ellison-saw-his-bomber-pilot-fathers-blind-trust-as-a-weakness-and-learned-early-on-to-questio" target="_blank" rel="noreferrer noopener">Larry Ellison Saw His Bomber Pilot Father&#8217;s Blind Trust As A Weakness And Learned Early On To Question Everything: Perfect Example Of &#8216;How Not To Be&#8217;</a>



<h2 class="wp-block-heading">Senators Push Bills To Continue SNAP </h2>



The government shutdown has put the funding of SNAP in jeopardy, prompting a response from lawmakers. Ten senators, including a Democrat, have backed a bill, initiated by Sen. Josh Hawley (R-Mo.) last week, to fund SNAP until the government shutdown ends.



The bill, known as the Keep SNAP Funded Act of 2025, aims to ensure that the food aid program continues to receive funding until the USDA can access its appropriations or stopgap measures. 



Meanwhile, Senate Democrats are set to introduce their own bill to ensure food aid benefits continue before the Nov. 1 funding cliff. Led by Sen. Ben Ray Luján (D-N.M.), the proposal would require the administration to fund both SNAP and the food aid program for low-income <a href="https://www.benzinga.com/news/politics/25/10/48094412/trump-administration-to-use-tariff-revenues-to-fund-nutrition-program-for-mothers-and-babies-amid-shutdown">women and children</a>, while reimbursing states that pay benefits during the shutdown, <a href="https://www.politico.com/live-updates/2025/10/28/congress/lujan-hawley-snap-food-aid-bill-shutdown-00626416">reported </a>Politico. Most Senate Democrats, including Sen. Chuck Schumer (D-N.Y.) and Sen. Amy Klobuchar (D-Minn.), back Luján's bill — though it currently has no Republican co-sponsors.



READ NEXT:



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<li><a href="https://www.benzinga.com/markets/macro-economic-events/25/10/48426829/justin-wolfers-says-government-shutdowns-barely-dent-gdp-but-calls-it-big-values-fail-voters-pay-their-taxes-either-way">Justin Wolfers Says Government Shutdowns Barely Dent GDP, But Calls It &#8216;Big Values Fail&#8217; — Voters Pay Their Taxes &#8216;Either Way&#8217;</a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Trump Administration Sued Over Suspending Food Benefits Amid Shutdown

Social Capital founder Chamath Palihapitiya slammed Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>) founder Bill Gates for shorting Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>) amid the billionaire and philanthropist's shift in climate stance.



Check out the current price of TSLA<a href="https://benzinga.com/quote/TSLA"> here</a>.



<h2 class="wp-block-heading">Bill Gates Lost A Fortune</h2>



Quoting a post on the social media platform X on Tuesday that contained an excerpt from Gates' blog post that detailed a shift in perspective on the Climate crisis, Palihapitiya criticized the billionaire for scaling back on his climate change stance.



"Bill Gates lost a fortune shorting $TSLA and even more backing dumb ESG [Environmental, Social and Governance]&nbsp; projects," Palihapitiya shared. "It seems his experiment is over and the results are in," the investor added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bill Gates lost a fortune shorting <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> and even more backing dumb ESG projects. It seems his experiment is over and the results are in. <a href="https://t.co/8n0YDeDaBF">https://t.co/8n0YDeDaBF</a>&mdash; Chamath Palihapitiya (@chamath) <a href="https://twitter.com/chamath/status/1983367139835912614?ref_src=twsrc%5Etfw">October 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Gates had <a href="https://www.benzinga.com/personal-finance/25/03/44434228/elon-musk-said-bill-gates-would-be-obliterated-for-shorting-tesla-but-short-sellers-just-made-16-2-billion-in-3-months-betting-against-him">shorted Tesla back in 2022</a>, much to the chagrin of Tesla CEO Elon Musk, who made a text exchange between the pair public back when Gates had approached Musk to explore possible collaborations regarding climate change.



<h2 class="wp-block-heading">Bill Gates Foundation's Chinese Funding Probe, Chamath Palihapitiya Says DEI Behind Amazon Layoffs</h2>



The news comes as the Bill &amp; Melinda Gates Foundation is reportedly under investigation by authorities over allegedly <a href="https://www.benzinga.com/markets/tech/25/10/48484808/bill-gates-foundation-with-stakes-in-microsoft-berkshire-waste-management-faces-senate-inquiry-over-alleged-23-million-china-funding">funding 20 entities with $23 million</a> in grants. The entities were reportedly tied to the Chinese Communist Party (CCP).



Meanwhile, Palihapitiya said that Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMZN">AMZN</a>) AI was being blamed for <a href="https://www.benzinga.com/markets/macro-economic-events/25/10/48485490/chamath-palihapitiya-says-amazon-was-left-bloated-and-inefficient-due-to-dei-hiring-ai-is-just-the-scapegoat-chickens-come-home-to-roost">flawed hiring practices</a> at the e-commerce giant. Palihapitiya said that Amazon&#8217;s laying off 30,000 employees was a result of "the unwinding of the DEI-fueled Hiring Bonanza of the past decade."



<h2 class="wp-block-heading">Tesla's 2-Door Affordable Model</h2>



Elsewhere, Tesla Board Chair Robyn Denholm said that the company could put a <a href="https://www.benzinga.com/markets/tech/25/10/48484642/teslas-cybercab-may-get-steering-wheel-pedals-coming-around-to-reality-says-ross-gerber">steering wheel and pedals</a> in the upcoming Cybercab to comply with regulators and safety standards if needed.



Denholm's comments seemingly vindicate suggestions from investors like Gerber Kawasaki's co-founder Ross Gerber, who had said that there could be a market for an <a href="https://www.benzinga.com/markets/tech/25/10/48116757/ross-gerber-has-this-cybercab-suggestion-for-elon-musk-amid-affordable-model-y-buzz-put-a-steering">affordable 2-door Tesla</a>.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="200" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29042903/TSLA-OCT-29-2025-2-1024x200.jpg" alt="" class="wp-image-1136869" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29042903/TSLA-OCT-29-2025-2-1024x200.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29042903/TSLA-OCT-29-2025-2-300x58.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29042903/TSLA-OCT-29-2025-2-768x150.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29042903/TSLA-OCT-29-2025-2-1536x299.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/29042903/TSLA-OCT-29-2025-2.jpg 1575w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



Tesla scores well on Momentum and Quality metrics, while offering satisfactory Growth, but poor Value. Tesla also has a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"> Benzinga Edge Stock Rankings</a> today!



Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>



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<li><a href="https://www.benzinga.com/markets/tech/25/10/48454507/elon-musks-politics-cost-tesla-over-1-million-in-car-sales-in-us-boosted-rivals-sales-by-22-study">Elon Musk's Politics Cost Tesla Over 1 Million In Car Sales In US, Boosted Rivals' Sales By 22%: Study</a></li>
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Photo courtesy: Alexandros Michailidis / Shutterstock.com

Bill Gates 'Lost A Fortune' Shorting Tesla Amid Climate Stance Shift, Says Chamath Palihapitiya: '...Experiment Is Over'

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