Gold and tech stocks—the world's oldest safe haven and its most speculative growth engine—are surprisingly rising in tandem, defying decades of market logic and setting the stage for what could <a href="https://www.benzinga.com/topic/gold">be an inevitable break.</a>



The precious metal has soared more than 60% in 2025—its best yearly gain since 1979—yet what's startling is not just the magnitude of the rally, but that it's been matched by robust gains from the tech-heavy Nasdaq 100. 



<h2 class="wp-block-heading">Gold Vs. Nasdaq 100: An Unusual High And Positive Correlation</h2>



Gold and tech stocks aren't supposed to move hand-in-hand. 



Yet, over the last 90 days, the correlation between the Nasdaq 100 – as tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>) and gold prices – tracked by the SPDR Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GLD">GLD</a>) surged to 0.78, or 78%—a level that far exceeds historical averages and the highest recorded since November 2022. 



That means gold, traditionally a safe-haven asset, and tech stocks, typically a high-risk bet, have moved almost in lockstep over the past few months. 



In fact, following President Donald Trump&#8216;s tariff-induced market selloff in April, both gold and tech stocks have climbed by roughly 45% as of Friday.



Historically, such strong positive correlations between gold and tech are anomalies and tend to be short-lived.



In other words, when two assets that are typically considered opposites—one a haven in times of distress, the other a risk-on growth play—begin moving in tandem, history warns that this alignment usually ends with one faltering.



<h2 class="wp-block-heading">Chart: Gold And Tech Have Risen In Sync, But History Shows The Marriage Is Short Lived</h2>



<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/2025/10/17083901/image-462-1024x556.png" alt="" class="wp-image-1119681" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17083901/image-462-1024x556.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17083901/image-462-300x163.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17083901/image-462-768x417.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17083901/image-462-1536x834.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17083901/image-462-2048x1112.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading">Why Are Gold and Tech Rising Together In 2025?</h2>



Several macroeconomic and political forces have driven both gold and tech higher this year, despite their conflicting roles in financial markets.



Gold's record-breaking rally in 2025 is the result of a perfect storm of macroeconomic risks. Central banks have ramped up gold purchases, and this has driven a resurgence in global demand.



At the same time, emerging economies are accelerating de-dollarization efforts as they shift reserves away from the U.S. dollar. Investor inflows into gold-backed exchange-traded funds have surged, reflecting a growing appetite for portfolio hedges.



Meanwhile, unease over President Trump's tariff agenda and his pressure on the Federal Reserve has added to the flight toward safe havens.



The Nasdaq 100 has climbed 17% year-to-date, bolstered by strong earnings and unrelenting investor enthusiasm for artificial intelligence. 



Yet, nearly 70% of the index gains are concentrated in just seven mega-cap stocks, indicating an extreme level of performance concentration. 



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><thead><tr><th>Stock</th><th>Return</th><th>Weight</th><th>Contribution (basis points)</th></tr></thead><tbody><tr><td>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>)</td><td>+35.4%</td><td>9.64%</td><td>+298bp</td></tr><tr><td>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AVGO">AVGO</a>)</td><td>+53.8%</td><td>6.01%</td><td>+249bp</td></tr><tr><td>Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>)</td><td>+22.0%</td><td>8.30%</td><td>+177bp</td></tr><tr><td>Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PLTR">PLTR</a>)</td><td>+135.5%</td><td>2.17%</td><td>+148bp</td></tr><tr><td>Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMD">AMD</a>)</td><td>+94.2%</td><td>2.04%</td><td>+117bp</td></tr><tr><td>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>)</td><td>+33.2%</td><td>6.2%</td><td>+181bp</td></tr><tr><td>Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MU">MU</a>)</td><td>+141.3%</td><td>1.22%</td><td>+84bp</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Is This Correlation Sustainable?</h2>



Not likely. Gold and tech represent fundamentally different investment theses.



Gold is a non-yielding asset prized for its stability in times of economic or geopolitical risk. It rises when investors fear inflation, deflation, or monetary policy dysfunction—conditions often associated with economic stress.



Tech stocks, by contrast, thrive on growth optimism, innovation cycles, and earnings momentum. They are highly sensitive to interest rates and investor risk appetite.



Historically, whenever gold and tech correlations spike into positive territory, it hasn't lasted. Similar patterns occurred in November 2022, summer 2020, and April 2017—each time followed by a sharp divergence.



<h2 class="wp-block-heading">Who Breaks First—Gold or Tech?</h2>



The current dynamic signals a market out of balance. When two assets with such opposing roles in the financial ecosystem move together, it usually marks a turning point.



Whether the break will come from a reversal in tech sentiment—perhaps due to overvaluations or softening AI demand—or a cooling in gold due to easing macro risks, remains to be seen. 



Whether it&#8217;s fear or greed that breaks first, history tells us one thing: this strange rally won't hold for long.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/commodities/25/10/48248158/gold-prices-central-bank-buying-donal-trump-tariffs-5000-2026">Trump&#8217;s Stealth Move May Be Behind The Biggest Gold Boom Since 1979</a></li>
</ul>



Image created using artificial intelligence via DALL-E.

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Broad U.S. Equity ETFs

Commodities

Federal Reserve

Tech

ETFs

AVGO

GOOGL

MSFT

NVDA

PLTR

Gold And Tech Are Rising Together—But History Says One Will Soon Break

American Express Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AXP">AXP</a>) reported&nbsp;<a target="_blank" href="https://www.benzinga.com/node/48270940" rel="noreferrer noopener">third-quarter 2025</a> results&nbsp;on Friday, surpassing analyst estimates for both revenue and adjusted earnings per share.



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



The company reported quarterly revenue&nbsp;(net of interest expense) growth of 11% year-over-year to $18.43 billion, topping the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst&nbsp;consensus estimate</a> of&nbsp;$18.05 billion.&nbsp;



The revenue increase was primarily driven by strong Card Member spending, higher net interest income supported by growth in revolving loan balances, and accelerated <a target="_blank" href="https://ir.americanexpress.com/financials/earnings-and-sec-filings/default.aspx" rel="noreferrer noopener">card fee growth</a>.



Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-stock-ratings/reiteration/25/09/47807911/american-express-platinum-refresh-growth-potential-despite-customer-fatigue" rel="noreferrer noopener">American Express Platinum Refresh Seen Offering Growth Potential Despite Customer Fatigue: Analyst</a>



Adjusted EPS also exceeded projections, coming in at $4.14, topping the&nbsp;analyst consensus&nbsp;estimate of $4.00.



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



Card Member spending, or Billed Business, rose 9% year-over-year to $421.0 billion. U.S. Consumer Services revenue climbed 11.5% to $8.86 billion, while Commercial Services revenue increased 7.1% to $4.28 billion.



International Card Services saw a 13.6% jump to $3.34 billion, and Global Merchant and Network Services revenue grew 6.8% to $1.97 billion. Net card fees surged 18% year-over-year to $2.55 billion.



Total expenses, however, increased by 10% year-over-year to $13.3 billion, primarily due to higher variable customer engagement costs resulting from increased Card Member spending and usage of travel- and lifestyle-related benefits, as well as higher operating expenses.



Provisions for credit losses declined to $1.3 billion from $1.4 billion a year ago, reflecting a lower reserve build compared to the prior year, partially offset by higher net write-offs. 



The third-quarter net write-off rate was 1.9 percent, flat year-over-year.



American Express Chairman and CEO Stephen J. Squeri highlighted that the successful launch of the refreshed U.S. Consumer and Business Platinum Cards drove demand, doubling new account acquisitions compared to pre-launch levels. Building on this momentum, he raised full-year guidance.



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



American Express raised its&nbsp;full-year 2025&nbsp;revenue outlook to $71.88 billion-$72.54 billion, representing a 9%-10% year-over-year increase (<a target="_blank" href="https://www.benzinga.com/markets/earnings/25/07/46490333/amex-q2-card-member-spending-hits-record-card-fees-soar" rel="noreferrer noopener">prior $71.22 billion-$72.54 billion</a>), compared to the analyst consensus estimate of $71.60 billion.



The company also raised its EPS guidance to $15.20-$15.50 (from $15.00–$15.50 prior), compared with <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">the&nbsp;analyst consensus</a> of $15.33.



American Express stock gained 9% year-to-date.



AXP Price Action: American Express shares were up 2.05% at $329.75 during premarket trading on Friday, <a target="_blank" href="https://www.benzinga.com/pro/" rel="noreferrer noopener">according to Benzinga Pro data</a>.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/10/48247787/alibabas-ant-group-open-sources-dinfer-claims-outpaces-nvidia" target="_blank" rel="noreferrer noopener">Alibaba&#8217;s Ant Group Open-Sources dInfer, Claims AI Framework Outpaces Nvidia</a></li>
</ul>



Photo via Shutterstock

Earnings

News

Guidance

Movers

American Express Lifts 2025 Outlook After Double-Digit Revenue Growth, Strong Consumer Spending

I've looked into the financial markets for over two decades, from the dot-com bubble to the global financial crisis, from the rise of passive ETFs to the wild west of crypto winters. But nothing in my career has felt quite as structurally precarious as the current collapse of the digital asset treasury company (DATC) model. It's not just a market correction. It's the implosion of a financial illusion built on leverage, narrative, and a dangerous assumption that arbitrage would hold forever. Today, the numbers speak for themselves: market-to-Net Asset Value (mNAV) ratios, the very heartbeat of these firms, are collapsing. Strategy, once the gold standard, now trades near an mNAV of 1.5. That might sound healthy until you realize it's a steep discount from the 3x, 4x, even 5x premiums it once commanded. Worse, companies like Bitmine Immersion and SharpLink have already dipped below 1.0, meaning their stock prices are now less than the value of the Bitcoin or Ethereum they claim to hold. In plain terms, you could buy their shares, liquidate the company, and walk away with more crypto than the market is currently pricing in. That's not a bargain, it's a red flag waving violently in a hurricane.



Why is this happening? Because the model is breaking. Not bending. Breaking. And the cracks are spreading fast.



At the core of the rot is nonstop dilution. These companies rely heavily on At-The-Market (ATM) equity programs to raise capital. The idea was elegant in theory: when the stock trades above NAV, issue new shares, use the proceeds to buy more BTC or ETH, and watch the cycle compound. But in practice, it's a self-cannibalizing machine. Every time they flood the market with new shares, Forward Industries, for instance, has an ATM program sized at $4 billion, the share price gets hammered by supply overload. This happens even as their crypto holdings grow. The result? A paradoxical situation where the company's balance sheet strengthens while its equity valuation weakens. Retail investors, who bought in expecting to ride the coattails of Bitcoin's rallies, are instead watching their holdings lag, or worse, decline, while BTC soars. Confidence evaporates. They exit. And that retail selling, combined with relentless dilution, creates a textbook death spiral: more shares issued, lower price per share, wider mNAV discount, more retail panic, even more pressure to raise capital via dilution. The gap between asset value and market perception doesn't just widen; it yawns open like a fault line.



So what can these firms do? The options are grim, and none are sustainable without fundamental change.



One path is issuing high-yield preferred shares. On the surface, it sounds attractive: offer 8%, 10%, even 12% to lure yield-hungry investors back. But let's be brutally honest, how does a company with no real revenue, no operating profits, and a stated mission to hold crypto forever generate the cash to pay that yield? The only liquid asset they have is the very Bitcoin or Ethereum they swore never to sell. To pay a dividend would be to betray their core thesis and signal desperation. It's a non-starter.



Another idea is share buybacks. In normal markets, buybacks are a powerful tool to support valuation and signal confidence. But these companies don't have cash reserves. They survive on new issuance. Their entire financial engine runs on selling equity to buy crypto. Where would the money for buybacks come from? It's like trying to fill a bucket with a hole in the bottom using water from the same bucket. The math simply doesn't work.



That leaves the nuclear option: direct redemptions. Allow shareholders to exchange their stock for the underlying BTC or ETH at NAV. This would instantly restore mNAV parity. No more discount. No more illusion. But this move would effectively transform these entities into exchange-traded funds. And that's a regulatory line they cannot cross. The SEC has spent years carefully approving spot Bitcoin and Ethereum ETFs under strict custody, transparency, and investor protection rules. A backdoor redemption mechanism would trigger immediate regulatory intervention, likely a halt in trading, enforcement actions, or forced restructuring. The moment they offer redemptions, they're no longer a strategic treasury; they're an unregistered investment company. The legal risk is existential.



This entire house of cards was built on a playbook pioneered by Michael Saylor's Strategy, which raised $27 billion to accumulate Bitcoin. The market rewarded it with massive premiums because it was first, credible, and operated with a degree of transparency. But imitation is not innovation. Companies like Metaplanet in Japan tried to copy the model, and dozens more rushed in, believing the premium was a permanent feature, not a temporary anomaly of early-mover advantage and market euphoria. Now, as the arbitrage breaks, when the stock no longer reliably tracks or outperforms the underlying asset, the cycle ends. These firms weren't Bitcoin treasuries. They were volatility wrappers. And every wrapper, no matter how shiny, eventually unwinds.



But the deeper, more troubling truth is how these companies are born and funded. This isn't public finance as we know it. It's a shadow system of corporate alchemy.



The creation process bypasses traditional IPO safeguards entirely. There are three dominant playbooks, all designed for speed and opacity. The first is the reverse merger: find a dying public shell, no revenue, few shareholders, trading on fumes, take control, rebrand, and emerge as a digital asset treasury. TRON did this with SRM Entertainment. Janover became DeFi Development Corp. overnight. The second is the SPAC route: merge with a special purpose acquisition company that's already public, clean, and hungry for a deal. The third is the silent takeover: quietly buy 51% of a microcap stock from insiders or on the open market, stage a board coup, and pivot the company's entire identity without a formal merger filing. Over 30 companies in 2025 alone have used one of these three models. The infrastructure is now industrialized. You don't need a product, a team, or a track record. You just need legal control of a broken ticker and a compelling crypto narrative.



Funding follows the same pattern of opacity. These aren't startups raising from VCs based on technology or traction. They're capital markets machines built to convert stock price hype into crypto holdings. They use three high-speed mechanisms. First, PIPEs, Private Investment in Public Equity deals, where institutional insiders buy large blocks of stock at a steep discount, behind closed doors. TRON raised $100 million this way. Strive Asset Management pulled in $750 million. Forward Industries secured $1.65 billion for Solana plays alone. These aren't seed rounds, they're pre-arranged liquidity events for insiders.



Second, convertible notes: debt instruments that convert into equity if the stock price rises. GameStop raised $2.7 billion this way to buy Bitcoin. Nano Labs prepped $500 million for BNB. It's debt disguised as equity, a ticking time bomb of future dilution that explodes the moment the stock rallies.



Third, ATM programs, which we've already discussed. The reflexive loop is clear: hype the narrative, stock trades above NAV, sell shares, buy crypto, re-hype, repeat. It's a closed loop that works beautifully, until it doesn't. And when it breaks, retail investors are left holding the bag.



This brings us to the most corrosive element of all: insider trading isn't an exception in this space, it's the operating model. Information leaks at every stage. Legal firms drafting merger documents. Exchanges prepping wallet integrations. Advisors whispering to favored funds. But the most egregious leaks happen during roadshows, the private investor meetings that precede public announcements. SharpLink's stock was flat until day two of its roadshow. Then, it spiked 1,000% before the deal even closed. That's not organic market discovery. That's privileged information being weaponized. Insiders get in early, often for pennies, then dump on retail once the hype hits social media. This is the new digital IPO: no lockups, minimal disclosure, zero accountability.



I have seen cycles come and go, I'm deeply skeptical that this model survives another bull run. The structural flaws are too severe, the incentives too misaligned, the regulatory risks too high. The mNAV collapse is the market's verdict: these wrappers add cost, risk, and opacity without delivering the promised premium. If mNAV stays below 1, the illusion is over. There's no magic. No alchemy. Just underperforming shells trading at a discount to the very assets they're supposed to represent.



To founders, traders, and investors: if you're not asking who minted the company, who funded it in private, and who front-ran the announcement, you're not an investor, you're exit liquidity. And in this game, the house always wins. Until it doesn't.



Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

Cryptocurrency

Equities

Opinion

The Treasury Trap: How Crypto-Backed Stocks Are Trading Below Their Own Assets

A war of words has erupted over the health of the U.S. credit markets, with Blue Owl Capital Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/OWL">OWL</a>) co-CEO Marc Lipschultz firing back at a stark warning from JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/JPM">JPM</a>) CEO Jamie Dimon.



<h2 class="wp-block-heading">Blue Owl Co-CEO Rejects Problems In Private Credit Market</h2>



In response to Dimon's comment that recent bankruptcies are like seeing a &#8220;cockroach&#8221; that suggests more are hidden, Lipschultz quipped, &#8220;I guess he&#8217;s saying there might be a lot more cockroaches at JPMorgan.&#8221;



Speaking at the CAIS Alternative Investment <a href="https://www.linkedin.com/posts/dani-burger-172b5a62_maybe-the-cockroaches-arent-where-jamie-activity-7384339615123394560-CZPv/?utm_source=social_share_send&amp;utm_medium=member_desktop_web&amp;rcm=ACoAAA-B2gMB4ZNN5UuDNvT4IIcxvI39u5LXxrM">Summit</a>, Lipschultz rejected the idea that the <a href="https://www.benzinga.com/markets/economic-data/25/10/48152547/billion-dollar-auto-supplier-went-poof-what-you-need-to-know-about-first-brands-catastrophe">multi-billion dollar collapse</a> of auto-parts supplier First Brands signals a systemic problem in private credit.



He dismissed the widespread concern as &#8220;an odd kind of fear-mongering.&#8221; He argued that the failure was an isolated incident of alleged &#8220;major fraud&#8221; within the traditional syndicated loan market—the domain of large banks—not the direct lending space.



Lipschultz contended that the market turmoil should instead prompt a &#8220;flight to safety&#8221; away from syndicated bank debt and into private credit, which he described as &#8220;incredibly healthy.&#8221;



<h2 class="wp-block-heading">El-Erian Echoes Jamie Dimon&#8217;s &#8216;Cockroach&#8217; Warning</h2>



However, this optimistic view faces a strong counterargument from prominent economist Mohamed El-Erian. Siding firmly with Dimon, the Allianz chief economic adviser said in an interview with <a href="https://www.youtube.com/watch?v=4keE5dfqqXU">CNBC</a> that the recent credit issues are a predictable consequence of a long period of easy money.



&#8220;I agree with what Jamie Dimon said, which is, you know, cockroaches don&#8217;t come in ones and twos,&#8221; El-Erian stated.



He explained that years of &#8220;incredibly loose&#8221; credit and lax standards have created an environment where more defaults are inevitable, even if they don&#8217;t pose a systemic risk to the entire economy.



See Also: <a href="https://www.benzinga.com/markets/economic-data/25/10/48152547/billion-dollar-auto-supplier-went-poof-what-you-need-to-know-about-first-brands-catastrophe">Billion Dollar Auto Supplier Went Poof—What You Need To Know About First Brands Catastrophe</a>



<h2 class="wp-block-heading">First Brands And Tricolor Holdings Bankruptcies Trigger Markets</h2>



The debate was ignited by the bankruptcies of First Brands and subprime auto lender Tricolor Holdings. These events have amplified fears of credit deterioration, rattling investors and contributing to significant sell-offs in regional bank stocks.



Moreover, Zions Bancorporation NA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ZION">ZION</a>) announced on Wednesday evening that it had incurred a sizable charge due to bad loans to a couple of borrowers. Meanwhile, Western Alliance Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WAL">WAL</a>) alleged on Thursday that a borrower had committed fraud.



Additionally, the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KRE">KRE</a>) plunged 6.20% on Thursday, logging its <a href="https://www.benzinga.com/markets/economic-data/25/10/48262259/regional-banks-zions-bancorporation-western-alliance-bancorp-kre-etf-credit-risks-defaults">worst single-day performance</a> since April 4.



The S&amp;P 500 index ended 0.63% lower at 6,629.07 on Thursday, whereas the Nasdaq 100 index dipped 0.36% to 24,657.24. On the other hand, Dow Jones fell 0.65% to 45,952.24.



On Friday, the futures of the S&amp;P 500, Dow Jones, and Nasdaq 100 indices were trading lower.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/economic-data/25/10/48262259/regional-banks-zions-bancorporation-western-alliance-bancorp-kre-etf-credit-risks-defaults">Regional Banks Suffer Worst Drop Since Trump&#8217;s Tariff Shock: Are Credit Fears Back?</a></li>
</ul>



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



Photo courtesy: Shutterstock

Market Summary

Economics

Markets

ZION

OWL Co-CEO Claps Back On Jamie Dimon's 'Cockroach' Remark: 'Might Be A Lot More Cockroaches At JPMorgan'

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



U.S. stock futures trimmed some losses but were still lower on Friday following Thursday&#8217;s declines.



Banking and financial <a href="https://www.benzinga.com/markets/economic-data/25/10/48262259/regional-banks-zions-bancorporation-western-alliance-bancorp-kre-etf-credit-risks-defaults">stocks plunged</a> on Thursday after Zions Bancorporation NA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ZION">ZION</a>) announced that it had incurred a sizable charge due to bad loans of a couple of borrowers. Meanwhile, Western Alliance Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WAL">WAL</a>) alleged on Thursday that a borrower had committed fraud.



This follows JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/JPM">JPM</a>) CEO Jamie Dimon&#8216;s comments after Tricolor Holdings&#8217; bankruptcy, saying "When you see one cockroach, there&#8217;s probably more," raising red flags across the sector.



Meanwhile, the 10-year Treasury bond yielded 3.95% and the two-year bond was at 3.38%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 100% likelihood of the Federal Reserve cutting the current interest rates in its October meeting. 



<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>-0.09%</td></tr><tr><td>S&amp;P 500</td><td>-0.29%</td></tr><tr><td>Nasdaq 100</td><td>-0.45%</td></tr><tr><td>Russell 2000</td><td>-0.67%</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, dropped in premarket on Friday. The SPY was down 0.0076% at $660.59, while the QQQ declined 0.14% to $599.17, 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="Futures Dragged By Financial Stocks—American Express, CSX Corp, Standard Lithium In Focus" width="500" height="281" src="https://www.youtube.com/embed/7e9G_LO9iGw?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">CSX Corp</h2>



<ul class="wp-block-list">
<li>CSX Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CSX">CSX</a>) rose 3.45% in premarket on Friday as it posted better-than-expected results for the third quarter, with revenue of $3.59 billion, beating analyst estimates of $3.58 billion and adjusted earnings of 44 cents per share, beating analyst estimates of 43 cents per share.</li>
</ul>



<ul class="wp-block-list">
<li>CSX maintained a stronger price trend over the short, medium, and long terms, with a moderate growth ranking, as per Benzinga&#8217;s Edge Stock Rankings. 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="157" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052447/CSX-EDGE-1024x157.png" alt="Benzinga's Edge Stock Rankings for CSX. " class="wp-image-1119370" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052447/CSX-EDGE-1024x157.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052447/CSX-EDGE-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052447/CSX-EDGE-768x118.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052447/CSX-EDGE.png 1161w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Standard Lithium</h2>



<ul class="wp-block-list">
<li>Standard Lithium Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SLI">SLI</a>) plunged 18.55% following the company&#8217;s Thursday announcement of a $120 million underwritten public offering of common stock.</li>
</ul>



<ul class="wp-block-list">
<li>Benzinga&#8217;s Edge Stock Rankings indicate that SLI had a stronger price trend over the short, medium, and long terms. 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="154" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052436/SLI-EDGE-1024x154.png" alt="Benzinga's Edge Stock Rankings for SLI. " class="wp-image-1119368" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052436/SLI-EDGE-1024x154.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052436/SLI-EDGE-300x45.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052436/SLI-EDGE-768x116.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052436/SLI-EDGE.png 1156w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



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



<ul class="wp-block-list">
<li>Newsmax Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NMAX">NMAX</a>) was up 1.57% after it announced it authorized a $5 million purchase of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Trump Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>).</li>
</ul>



<ul class="wp-block-list">
<li>NMAX maintained a weaker price trend over the short, medium, and long terms, as per Benzinga&#8217;s Edge Stock Rankings, which 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/2025/10/17052425/NMAX-EDGE-1024x156.png" alt="Benzinga's Edge Stock Rankings for NMAX. " class="wp-image-1119366" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052425/NMAX-EDGE-1024x156.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052425/NMAX-EDGE-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052425/NMAX-EDGE-768x117.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052425/NMAX-EDGE.png 1150w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">American Express</h2>



<ul class="wp-block-list">
<li>American Express Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AXP">AXP</a>) rose 1.05% after reporting third-quarter revenue of $18.426 billion, beating the analyst estimate of $18.05 billion and diluted earnings of $4.14 per share, above the expected  $4.00, as per Benzinga Pro.</li>
</ul>



<ul class="wp-block-list">
<li>Benzinga&#8217;s Edge Stock Rankings indicate that AXP maintains a stronger price trend over the short, medium, and long terms, with a moderate 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"><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/2025/10/17052404/AXP-EDGE-1024x158.png" alt="Benzinga's Edge Stock Rankings for AXP. " class="wp-image-1119364" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052404/AXP-EDGE-1024x158.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052404/AXP-EDGE-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052404/AXP-EDGE-768x119.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052404/AXP-EDGE.png 1144w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Oracle Corp</h2>



<ul class="wp-block-list">
<li>Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ORCL">ORCL</a>) shares were down 1.84% as the company said it expects cloud infrastructure revenue to grow to $166 billion in fiscal 2030, which was below the analyst estimates of $198.4 billion, according to LSEG data.</li>
</ul>



<ul class="wp-block-list">
<li>ORCL maintained a stronger price trend over short, medium, and long terms, with a moderate value ranking, with a poor value 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="146" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052416/ORCL-EDGE-OCT-17-1024x146.png" alt="Benzinga's Edge Stock Rankings for ORCL. " class="wp-image-1119365" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052416/ORCL-EDGE-OCT-17-1024x146.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052416/ORCL-EDGE-OCT-17-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052416/ORCL-EDGE-OCT-17-768x109.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17052416/ORCL-EDGE-OCT-17.png 1147w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



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



Financial, utilities, and energy stocks recorded the biggest losses on Thursday, with most sectors on the S&amp;P 500 closing on a negative note, while information technology stocks bucked the trend to finish higher.



This performance contributed to U.S. stocks settling in the red, with the Dow Jones index falling more than 300 points.



The Dow Jones index ended 0.65% lower at 45,952.24, whereas the S&amp;P 500 index rose 0.63% to 6,629.07. Nasdaq Composite declined 0.47% to 22,562.54, and the small-cap gauge, Russell 2000, tumbled 2.09% to end at 2,467.02.



<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>-0.47%</td><td>22,562.54</td></tr><tr><td>S&amp;P 500</td><td>-0.63%</td><td>6,629.07</td></tr><tr><td>Dow Jones</td><td>-0.65%</td><td>45,952.24</td></tr><tr><td>Russell 2000</td><td>-2.09%</td><td>2,467.02</td></tr></tbody></table></figure>



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



Renewed U.S.-China trade tensions are weighing on the stock market. Scott Wren, Senior Global Market Strategist for the Wells Fargo Investment Institute, noted the decline was a &#8220;harsh reminder that the United States and China… had yet to really nail down a solid trade deal.&#8221;



While Wren anticipates near-term impacts like &#8220;somewhat higher inflation and slower domestic GDP&#8221; from the tariff dispute, he sees a stronger economic picture ahead. &#8220;As we move through 2026, there are several positive factors to consider that we believe will be more important than the transitory impacts of tariffs,&#8221; he wrote. These factors include continued interest rate cuts by the Federal Reserve, major capital spending related to artificial intelligence, deregulation, and impactful tax cuts.



Given the potential for short-term volatility, Wren advises investors to look past the turbulence. &#8220;We view pullbacks as opportunities to add equity exposure in our favored sectors,&#8221; he concluded. His favored sectors include Financials, Information Technology, Utilities, and Industrials.



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 Friday;



<ul class="wp-block-list">
<li>September&#8217;s housing starts, building permits, import price index, industrial production, and capacity utilization data will be delayed because of the impending government shutdown.</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 1.06% to hover around $56.85 per barrel.



Gold Spot US Dollar rose 0.35% to hover around $4,341.20 per ounce. Its last record high stood at $4,379.29 per ounce. The U.S. Dollar Index spot was 0.11% lower at the 98.2220 level.



Meanwhile, Bitcoin was trading 5.6% lower at $104,914.97 per coin.



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



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/10/48268579/owl-co-ceo-claps-back-on-jamie-dimons-cockroach-remark-might-be-a-lot-more-cockroaches-at-jpmorg">OWL Co-CEO Claps Back On Jamie Dimon&#8217;s &#8216;Cockroach&#8217; Remark: &#8216;Might Be A Lot More Cockroaches At JPMorgan&#8217; </a></li>
</ul>



Image via Shutterstock

Analyst Color

Asia

Earnings Beats

Earnings Misses

Government

Macro Economic Events

Macro Notification

Regulations

Bonds

Emerging Markets

Eurozone

Futures

Forex

Treasuries

Global

Econ #s

Pre-Market Outlook

General

$BTC

$TRUMP

NMAX

ORCL

Stock Market Today: S&P 500, Nasdaq, Dow Jones Futures Dragged By Financial Stocks—American Express, CSX Corp, Standard Lithium In Focus (UPDATED)

Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>) senior vice president of services Eddy Cue says the explosion of sports streaming platforms has made watching live games too complicated and expensive.



<h2 class="wp-block-heading">Cue: It's Never Been Easier To Watch — Or Harder To Find</h2>



Speaking at the Autosport Business Exchange conference in New York on Wednesday, Apple's senior vice president of services said the modern sports landscape has become both a blessing and a burden for fans, <a href="https://fortune.com/2025/10/16/apple-eddy-cue-sports-streaming-fragmentation-fixes-blackouts-bundling/">reported</a> Fortune.



"It's never been a better time, because, let's face it, every sport in the world is available in some fashion or another to watch—that wasn't the case not that many years back," Cue said.



"The problem though, is we all know we can all watch everything, but it's very hard to find. You have to sign up for 1,200 subscriptions around them."



He added that travel restrictions make it even worse. "If you're traveling, you're screwed… It's not a great experience for customers."



See Also:&nbsp;<a href="https://www.benzinga.com/markets/tech/25/10/48091979/nvidia-reportedly-bets-2-billion-on-elon-musks-xai-and-its-own-gpus-will-fuel-colossus-2-gigawatt-scale-ai-supercluster" target="_blank" rel="noreferrer noopener">Nvidia Reportedly Bets $2 Billion On Elon Musk&#8217;s xAI — And Its Own GPUs Will Fuel ‘Colossus 2′ Gigawatt-Scale AI Supercluster</a>



<h2 class="wp-block-heading">Fragmentation Hurts Fans And Growth</h2>



Cue argued that streaming fragmentation — where sports leagues cut separate deals with multiple platforms — has eroded the viewing experience and risked alienating fans.



According to tech research firm InterDigital, sports streamers now pay an average of $88 per month, compared to $64 for non-sports viewers.



Cue warned that this model isn't sustainable.



"If we want people to watch games, and we want all of sports to grow, some of these things need to be fixed," he said.



He suggested leagues could work with media partners to create bundled subscriptions, eliminate blackout restrictions and enable multitasking streams showing multiple games across platforms.



<h2 class="wp-block-heading">Apple Rebrands TV+ Ahead Of ‘F1 The Movie' Release</h2>



Apple, which holds a <a href="https://www.benzinga.com/general/entertainment/22/06/27710289/apple-ramps-up-sports-content-with-major-league-soccer-deal-what-investors-and-sports-fans-">10-year global streaming deal</a> with Major League Soccer, has avoided blackout policies altogether.



Apple's comments come as it <a href="https://www.benzinga.com/markets/tech/25/10/48205921/apple-ditches-plus-sign-from-streaming-name-sparking-confusion-among-consumers">rebrands its streaming service</a> from Apple TV+ to Apple TV.



The rebranding comes just before the <a href="https://www.benzinga.com/news/entertainment/25/06/46172388/apples-f1-movie-soars-at-box-office-could-outgross-tech-giants-previous-theatrical-films-combined">much-anticipated streaming debut</a> of "F1 The Movie." Set to premiere on the newly renamed platform on Dec. 12, the film holds the title of Apple's highest-grossing release to date.



Starring Brad Pitt, "F1 The Movie" has earned $629 million globally, making it the most successful sports film in history.



According to Benzinga&#8217;s Edge Stock Rankings, Apple ranks in the 73rd percentile for Quality, <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">highlighting its consistent performance and strength</a> relative to competitors.



<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 decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/17032111/Screenshot-2025-10-17-at-12.49.31%E2%80%AFPM.png" alt="" class="wp-image-1119181"/></a></figure>



Read More:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/10/48092929/nvidia-ceo-jensen-huang-says-intel-spent-33-years-trying-to-kill-us-but-now-calls-the-chip-rival-a-partner-were-lovers-not-fighters" target="_blank" rel="noreferrer noopener">Nvidia CEO Jensen Huang Says Intel Spent 33 Years ‘Trying To Kill Us&#8217; But Now Calls The Chip Rival A Partner: ‘We&#8217;re Lovers, Not Fighters&#8217;</a></li>
</ul>



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



Photo: Shutterstock

AAPL

Apple's Top Exec Says 'Things Need To Be fixed' To Make Fans Watch Sports: '...You Have To Sign Up For 1,200 subscriptions'

Nine years after gifting Elon Musk the <a href="https://www.benzinga.com/news/24/04/38422652/jensen-huang-hand-delivers-nvidias-first-dgx-h200-gpu-to-openais-sam-altman-to-advance-ai-computing">first DGX AI supercomputer</a>, Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) CEO Jensen Huang personally delivered the company's latest innovation — the DGX Spark, dubbed the "world's smallest AI supercomputer" — to Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>) CEO at SpaceX's Starbase facility in Texas.



<h2 class="wp-block-heading">A Full-Circle Moment Between Two AI Pioneers</h2>



In a video shared by Nvidia, Huang and Musk reminisced about the early days of artificial intelligence while standing inside SpaceX's rocket factory.



"Is this your office?" Huang asked. "This is the rocket factory," Musk replied.



Huang then quipped, "I just want everyone in the world to hear that you said I build bigger things than you do." Musk laughed, agreeing: "You do. The data centers are enormous."



Huang recalled unveiling the first DGX supercomputer in 2016. "It was just crickets," he said, before adding, "except for one person — and it was you."



"This is the new DGX Spark," Huang continued. "Five times the computational power of DGX-1 — and it runs at just 40 watts." Musk replied, "Wow."



Huang also saw his first &#8220;rocket launch&#8221; during the visit. &#8220;It&#8217;s just incredible,&#8221; he stated.



See Also:&nbsp;<a href="https://www.benzinga.com/markets/tech/25/10/48141387/google-tightens-work-from-anywhere-policy-with-even-1-remote-day-counting-as-full-week-report" target="_blank" rel="noreferrer noopener">Google Tightens ‘Work From Anywhere' Policy, With Even 1 Remote Day Counting As Full Week: Report</a>



<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">From rockets to AI. Nine years after the original NVIDIA DGX-1 handoff, Jensen Huang delivered a brand-new DGX Spark to <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@ElonMusk</a> at Starbase. &#x1f680;&#x2728; The DGX Spark is a petaflop powerhouse built for creators, researchers, and developers — a desktop-sized supercomputer with five… <a href="https://t.co/mv2f2hOAjr">https://t.co/mv2f2hOAjr</a> <a href="https://t.co/Ls0hoebd8r">pic.twitter.com/Ls0hoebd8r</a>&mdash; NVIDIA (@nvidia) <a href="https://twitter.com/nvidia/status/1978911318842171859?ref_src=twsrc%5Etfw">October 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading">Nvidia's DGX Spark: A Supercomputer That Fits On a Desk</h2>



The DGX Spark, <a href="https://www.benzinga.com/markets/tech/25/10/48191176/nvidias-dgx-spark-a-personal-ai-supercomputer-will-debut-this-week-at-3999-i-hand-delivered-the-first-system-to-elon-jensen-huang-recalls">priced at $3,99</a>9, delivers up to one petaflop of AI performance using Nvidia's GB10 Grace Blackwell Superchip.



It comes with 128GB of unified memory, NVLink-C2C connectivity, and NVMe storage, enabling developers to run AI workloads locally.



Huang said the product carries the same mission as the DGX-1 — to democratize access to supercomputing.



The DGX Spark officially launched on Oct. 15. The release comes amid surging global demand for AI hardware. Nvidia's market cap now exceeds $4.4 trillion and Huang has projected $500 billion in annual <a href="https://www.benzinga.com/markets/tech/25/10/48155217/nvidia-doubled-its-trillions-charts-scream-more">AI data center spending by 2030</a>.



Nvidia ranks among the top performers in Benzinga's Edge Stock Rankings for Momentum, Growth and Quality, showcasing strong price performance across short, medium and long-term timeframes. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here for a detailed breakdown</a> of its performance and comparisons with industry peers.



<figure class="wp-block-image aligncenter size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16235420/Screenshot-2025-10-17-at-9.22.32%E2%80%AFAM.png" alt="" class="wp-image-1118997"/></a></figure>



Read More:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/10/48092929/nvidia-ceo-jensen-huang-says-intel-spent-33-years-trying-to-kill-us-but-now-calls-the-chip-rival-a-partner-were-lovers-not-fighters" target="_blank" rel="noreferrer noopener">Nvidia CEO Jensen Huang Says Intel Spent 33 Years ‘Trying To Kill Us&#8217; But Now Calls The Chip Rival A Partner: ‘We&#8217;re Lovers, Not Fighters&#8217;</a></li>
</ul>



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



Photo courtesy: jamesonwu1972 On Shutterstock.com

TSLA

Nine Years After Delivering 1st DGX, Nvidia's Jensen Huang Hand-Delivers New DGX Spark To Elon Musk

In one of the boldest forecasts, Mexican business magnate&nbsp;Ricardo Salinas Pliego said on Thursday that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) will increase by at least fourteen times and ultimately surpass gold in value.



<h2 class="wp-block-heading">Bitcon To Catch Up With Gold?</h2>



Salinas reacted to gold&#8217;s historic feat as the first asset to reach a market capitalization of $30 trillion.



&#8220;Bitcoin will go up at least 14 times ( means $1.516 Million) to catch up with Gold &#8212; and then it will continue to outperform,&#8221; Salinas, Mexico&#8217;s third-richest person, projected. &#8220;Bookmark this post.&#8221;



Indeed, if BTC hits $1.516 apiece, multiplied by its current circulating supply of 19.93 million, its market value will exceed $30 trillion.



<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">Bitcoin will go up at least 14 times ( means $1.516 Million USD) to catch up with Gold &#8212; and then it will continue to outperform. Bookmark this post &#x1f60e; <a href="https://t.co/IdDItiKpEz">https://t.co/IdDItiKpEz</a>&mdash; Don Ricardo Salinas Pliego (@RicardoBSalinas) <a href="https://twitter.com/RicardoBSalinas/status/1978939432083378580?ref_src=twsrc%5Etfw">October 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also:&nbsp;<a href="https://www.benzinga.com/money/best-gold-trading-strategies">Best Gold Trading Strategies</a>



However, to hit the price level that Salinas suggested, BTC would need to increase by almost 1230%. That&#8217;s roughly equal to its gains in the last six years.



The lofty prediction comes amid <a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48267186/bitcoin-ethereum-xrp-dogecoin-slide-further-analysts-say-btc-needs-a-close-above-117000-to-pull-market-higher">contrasting trajectories of the two assets</a>. While gold reached fresh highs at $4,370 per troy ounce, Bitcoin fell further to $107,000 on Thursday.



<h2 class="wp-block-heading">Salinas&#8217; Bitcoin-Heavy Portfolio</h2>



Salinas, who has a&nbsp;<a href="https://www.forbes.com/profile/ricardo-salinas-pliego/" target="_blank" rel="noreferrer noopener">net worth&nbsp;</a>of over $5 billion, has 80% of his wealth tied up in Bitcoin-related investments, with the rest in gold. In an interview earlier this year, he considered allocating 100% of his portfolio to the apex cryptocurrency.



He revealed that the devaluation of the Mexican national currency, the Peso, during the 80s, due to what he regarded as "mismanagement," pushed him toward&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44273077/bitcoin-is-digital-sound-money-in-the-safest-most-prosperous-time-in-history-anthony-pompliano-says" target="_blank" rel="noreferrer noopener">sound money</a>. He became a gold bug and &#8220;did really well&#8221; in the subsequent decades before adopting Bitcoin in 2013.



Price Action: At the time of writing, BTC was exchanging hands at $$108,812.31, down 2.28% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. Spot gold was up 0.43% to $4,345.24 per ounce. 



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/commodities/25/10/48238088/ray-dalio-says-gold-is-hotter-than-ai-who-needs-tech-when-youve-got-bullion">Ray Dalio Says &#8216;Gold Is Hotter Than AI&#8217; — Who Needs Tech When You&#8217;ve Got Bullion?</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>



Photo courtesy: Shutterstock

Bitcoin Will Outperform Gold After Jumping 14x, Predicts Mexico's 3rd Richest Person: 'Bookmark This Post'

The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GLD">GLD</a>), the largest U.S. gold ETF, is surging amid the relentless rise in gold prices throughout this past year.



<h2 class="wp-block-heading">GLD Soars Past $400 After Hours</h2>



On Thursday, the fund soared past $400 in after-hours trading, after closing up 2.34%, at $396.45 during the regular session. 



This comes following days of unprecedented demand, with the fund witnessing its <a href="https://www.benzinga.com/markets/commodities/25/10/48191152/gold-assets-sparkle-gld-sees-highest-volume-in-12-years-surpassing-mag-7-as-yellow-metal-soars-nearly-57-in-a-year">second-highest-ever</a> trading volume last week, at $12.5 billion. The fund, in fact, outstripped the daily volumes of the &#8220;Magnificent 7&#8221; tech stocks, highlighting the significant capital rotation taking place in the markets. 



See Also: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48267611/bitcoin-will-outperform-gold-after-jumping-14x-predicts-mexicos-3rd-richest-person-bookmark-this-post">Bitcoin Will Outperform Gold After Jumping 14x, Predicts Mexico&#8217;s 3rd Richest Person: &#8216;Bookmark This Post&#8217;</a>



With the spot prices of gold rallying 18.03% over the past month alone, scaling past $4,000 an ounce, and now nearing $4,400 in just a little over a week, the fund is just a few basis points short, gaining 17.65% over the past month.



<h2 class="wp-block-heading">GLD Outperforms S&amp;P 500 Since Its Launch In 2004</h2>



Following its 61.54% year-to-date rally, the fund&#8217;s total returns since it was launched on Nov. 19, 2004, at 785.33%, are now ahead of the S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSEARCA:&nbsp;SPY), which is up 462.63% during the same time period. 



<figure class="wp-block-embed aligncenter 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"><a href="https://twitter.com/search?q=%24GLD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GLD</a> outperfoming <a href="https://twitter.com/search?q=%24SPY&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPY</a> since it launched in 2004 is mind-melting.. flies in the face of so much conventional wisdom. <a href="https://t.co/skHqSXaDpu">pic.twitter.com/skHqSXaDpu</a>&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1978999073693667506?ref_src=twsrc%5Etfw">October 17, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Senior ETF Analyst at Bloomberg, Eric Balchunas, highlighted this, calling it &#8220;mind-melting,&#8221; while adding that it &#8220;flies in the face of so much conventional wisdom,&#8221; on Thursday, in a post on X. 



Earlier this week, veteran Wall Street Strategist Ed Yardeni referred to the yellow metal as &#8220;physical bitcoin,&#8221; saying that it might be <a href="https://www.benzinga.com/markets/commodities/25/10/48238332/gold-versus-bitcoin-which-is-better-safe-haven-2025-outlook-price-forecasts">headed to $10,000</a> an ounce by the end of this decade or sooner. &#8220;Bitcoin has been described as ‘digital gold,&#8217; but we see gold as ‘physical bitcoin,&#8221; he said. 



Economist Peter Schiff is significantly more bullish on the metal, recently making the case for it <a href="https://www.benzinga.com/markets/commodities/25/10/47987041/golds-parabolic-surge-very-unusual-says-popular-crypto-trader-peter-schiff-says-precious-metal-could-hit-20000">reaching $20,000</a> an ounce. Schiff said, &#8220;I think gold is not going to stop going up because the dollar is not going to stop going down,&#8221; while adding that it could surge past $5,000, $10,000, &#8220;I mean, it could go to $20,000.&#8221;



Gold spot prices currently stand at $4,355.71 per ounce, up 0.69% during the day, 18.03% over the past month, and 65.92% year-to-date. 



<figure class="wp-block-image aligncenter size-large is-resized"><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="193" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16234016/Screenshot-2025-10-17-at-9.10.04-AM-1024x193.png" alt="" class="wp-image-1118994" style="width:556px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16234016/Screenshot-2025-10-17-at-9.10.04-AM-1024x193.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16234016/Screenshot-2025-10-17-at-9.10.04-AM-300x57.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16234016/Screenshot-2025-10-17-at-9.10.04-AM-768x145.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16234016/Screenshot-2025-10-17-at-9.10.04-AM.png 1176w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



The SPDR Gold Trust scores high on Momentum in Benzinga&#8217;s Edge Stock Rankings, with a favorable price trend in the short, medium and long terms. Click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a> for deeper insights into the fund, and to see how it compares with other gold and precious metal ETFs. 



Read More: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/economic-data/25/10/48186173/silver-is-still-dirt-cheap-compared-gold-history-says-that-wont-last">Silver Is Still Dirt Cheap Compared Gold — History Says That Won&#8217;t Last</a></li>
</ul>



Photo Courtesy: Phawat on Shutterstock.com

Gold ETFs Continue To Shine: GLD Zooms Past $400 After Hours As Gold Closes In On $4,400

After staging their strongest two-day rally in nearly a year earlier this week, U.S. regional banks reversed course dramatically on Thursday, with the group facing its steepest sell-off since the Trump tariff <a href="https://www.benzinga.com/topic/donald-trump">shock of April 2025. </a>



The SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KRE">KRE</a>) plunged 6.1% in afternoon trading, logging its worst single-day performance since April 4, when Donald Trump's sweeping Liberation Day tariffs triggered a broad market sell-off.



The sharp reversal is being driven by renewed fears of credit deterioration and unexpected loan losses at some mid-sized lenders—just days after investor optimism surged on hopes of rate cuts and strong bank earnings.



While smaller and mid-sized lenders bore the brunt of the sell-off, the damage also rippled up to larger Wall Street institutions. The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLF">XLF</a>) slid 2.8%, making it the worst-performing S&amp;P 500 sector and marking its steepest one-day decline since April.



<h2 class="wp-block-heading">Chart: Regional Banks Crash As Credit Fears Emerge, KRE ETF Drops 5.6%</h2>



<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/2025/10/16150034/image-441-1024x556.png" alt="" class="wp-image-1118607" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16150034/image-441-1024x556.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16150034/image-441-300x163.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16150034/image-441-768x417.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16150034/image-441-1536x834.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16150034/image-441-2048x1112.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading">What Happened?</h2>



Shares of Zions Bancorporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ZION">ZION</a>) collapsed 12.3% after the bank disclosed late Wednesday that it would record a $50 million charge-off in the third quarter related to two troubled commercial and industrial loans held by its California Bank &amp; Trust unit. 



The bank stated that total provisions for credit losses would amount to $60 million, with the full update expected in its earnings release on October 20.



A Truist Securities analyst described the episode as a "step on a rake," highlighting that even isolated loan problems are enough to rattle a market already jittery about the broader credit cycle.



Compounding investor concerns, Jamie Dimon, CEO of JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/JPM">JPM</a>), referenced growing risk in the credit market earlier this week, citing the recent bankruptcies of Tricolor Holdings, a subprime auto lender, and First Brands, an auto parts manufacturer. 



&#8220;When you see one cockroach, there's probably more,&#8221; Dimon said, raising red flags across the sector.



<h2 class="wp-block-heading">Contagion Fears Spread</h2>



The fallout from Zions quickly spilled over. Western Alliance Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WAL">WAL</a>) dropped 10.4% after revealing it had filed a lawsuit against a borrower, alleging fraud. The Phoenix-based bank said it would provide more transparency on this credit exposure following a similar disclosure from a peer.



Other regional lenders also took heavy losses:



<ul class="wp-block-list">
<li>Great Southern Bancorp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GSBC">GSBC</a>) fell 10%</li>



<li>Customers Bancorp Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CUBI">CUBI</a>) slid 9.5%</li>



<li>Hingham Institution for Savings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/HIFS">HIFS</a>) lost 9%</li>
</ul>



The Russell 2000 Index – tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IWM">IWM</a>) – where financials account for nearly 20% of the weighting, dropped 2%, snapping a three-day win streak as regional banks dragged the index sharply lower.



Read now:



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<li><a href="https://www.benzinga.com/markets/equities/25/10/48252863/sp500-forward-pe-ratio-valuations-dot-com-bubble-risks-ai">S&amp;P 500 Is Trading Like It&#8217;s 2000—History Shows What Happens Next Isn&#8217;t Pretty</a></li>
</ul>



Photo: Shutterstock

Large Cap

Mid Cap

CUBI

GSBC

HIFS

Regional Banks Suffer Worst Drop Since Trump's Tariff Shock: Are Credit Fears Back?

CSX Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CSX">CSX</a>) reported third-quarter financial results after the market close on Thursday. Here&#8217;s a rundown of <a href="https://www.benzinga.com/pressreleases/25/10/g48263125/csx-corp-announces-third-quarter-2025-results">rail transportation company&#8217;s report</a>.



<ul class="wp-block-list">
<li>CSX is showing positive momentum. <a href="https://www.benzinga.com/quote/CSX" target="_blank" rel="noreferrer noopener">See the full story here.</a></li>
</ul>



Q3 Highlights: CSX reported third-quarter revenue of $3.59 billion, beating analyst <a href="http://benzinga.com/quote/CSX/earnings">estimates</a> of $3.58, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>. The company reported third-quarter adjusted earnings of 44 cents per share, beating analyst estimates of 43 cents per share.



Total revenue was down 1% on a year-over-year basis, largely due to lower export coal prices and a decline in merchandise volume. Volume totaled 1.61 million units in the quarter,&nbsp;up 1% year-over-year and up 2% sequentially. Revenue declines were partially offset by increases in other revenue, higher pricing in merchandise and intermodal volume growth.



&#8220;We are proud that the network is operating well, and we see clear opportunities to leverage that operational strength moving forward. Looking ahead, CSX is well-positioned to build on this momentum to deliver long-term profitable growth and create value for our shareholders,&#8221; said Steve Angel, president and CEO of CSX.



CSX executives will further discuss the quarter on an earnings call with investors and analysts at 4:30 p.m. ET.



CSX Price Action: CSX shares were up 3.33% in after-hours, trading at $37.19 at the time of publication on Thursday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Read Next:



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<li><a href="https://www.benzinga.com/news/25/10/48257198/markets-today-thursday-wall-street-gold-rally-bitcoin-selloff-silver-all-time-highs-tsmc-earnings#google_vignette">Gold Hits $4,270, Bitcoin Plunges Below $110,000: What&#8217;s Moving Markets Thursday?</a></li>
</ul>



Photo: Shutterstock.

Travel

After-Hours Center

CSX Beats Q3 Earnings Estimates, Shares Charge Higher

The market sell-off may have cooled, but tensions are still heating up between the United States and China.



According to Treasury Secretary Scott Bessent, President Trump is still expected to meet with President Xi Jinping during the Asia-Pacific Economic Cooperation (APEC) on October 31. But given the barbs the two leaders have exchanged so far, it's just as possible that this feud stretches well into the fourth quarter.



And if that happens, I want you to be ahead of the crowd—not trying to catch up to it.



That's precisely why I'm going to share the top four sectors (and specific stocks) that will benefit the most if this trade war continues.



<h2 class="wp-block-heading">Free Trial: Turn Chaos Into Trading Profits</h2>



While others panic over Middle East tensions and oil spikes, Matt's Inner Circle members position for volatility profits. 35-year Wall Street veteran shares exact strategies that thrive during uncertain times. <a href="https://www.benzinga.com/premium/ideas/7-day-free-trial-matt-maley-inner-circle/?el=ResearchDaily&amp;utm_campaign=7daytrial&amp;utm_adType=sponsorad&amp;utm_ad=RD101725&amp;he={{email}}&amp;adt_ei={{email}}&amp;utm_medium=newsletter">Start Your Free 7-Day Trial</a> 



<h2 class="wp-block-heading">Technology &amp; Semiconductors</h2>



If the U.S. tightens the screws on tech exports, you better believe that China's going to lean harder on its own giants.



Chinese tech firms, such as Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BABA">BABA</a>) and Baidu Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/BIDU">BIDU</a>), are likely to be the go-to names here. They've already got the platforms, the users, and the scale—so if U.S. tech pulls back, these are the names that'll step in and take the lead.



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



When trade wars flare up, consumer loyalty shifts fast, especially at home. If Chinese shoppers start ditching U.S. brands in favor of local ones, JD.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/JD">JD</a>) and PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PDD">PDD</a>) could be among the first to benefit. They're already major players, and with historically strong patterns through December, this quarter could be their next big breakout.



<h2 class="wp-block-heading">Communication Services</h2>



Entertainment platforms could also get a boost. If U.S.-based services face pressure, homegrown names like Tencent Music Entertainment Group (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TME">TME</a>) stand to gain. It's already one of the most downloaded music apps in China, so when you add in a forced pivot away from U.S. apps and services, the upside potential becomes too large to ignore.



<h2 class="wp-block-heading">Defensive Diversification</h2>



If you're looking for broader exposure without picking individual names, the KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KWEB">KWEB</a>) gives you the full basket. It's packed with domestic tech plays that don't rely on U.S. trade. When things get bumpy, that kind of focus tends to outperform.



All these names have one thing in common: they're built to benefit from a fractured trade environment.



So, whether it's local demand, low U.S. exposure, or repeatable Q4 setups—these are the kinds of trades that cut through the noise. While the rest of the market's waiting on headlines, we're already tracking the patterns.



Editorial content from our expert contributors is intended to be information for the general public and not individualized investment advice. Editors/contributors are presenting their individual opinions and strategies, which are neither expressly nor impliedly approved or endorsed by Benzinga. 



Photo: Shutterstock

Trading Ideas

BABA

BIDU

KWEB

The 4 Real Winners Of The US-China Trade War

In an otherwise cautious session on Wall Street, gold and silver stole the spotlight once again, with both precious metals pushing to fresh record highs — gold touching $4,270 per ounce and silver <a href="https://www.benzinga.com/quote/SLV">climbing to $53.90</a>.



 • GDX is reaching significant price levels. <a href="https://www.benzinga.com/quote/GDX" target="_blank" rel="noreferrer noopener">See what is driving the movement here.</a>



Thursday's 1.5% gain in gold positions it to close its 14th positive session out of the past 16, extending its year-to-date rally to 63%, putting it well on track for the best annual performance since 1979.



Gold miners are riding the wave higher. The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GDX">GDX</a>) rose another 4% Thursday, after gaining 3.9% the day before. That brings the fund's weekly gain to 12%, while its year-to-date return now sits at a staggering 150%, outperforming every other equity industry tracked on Wall Street.



By comparison, the Global X Artificial Intelligence &amp; Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AIQ">AIQ</a>) — a popular vehicle for AI-focused names — is up just 30% year-to-date.



Fueling Thursday&#8217;s rally in precious metals were dovish comments from Federal Reserve Gov. Christopher Waller, who expressed support for another rate cut at the upcoming Federal Open Market Committee (FOMC) meeting.



"Based on all of the data we have on the labor market, I believe that the FOMC should reduce the policy rate another 25 basis points," Waller said, adding that policy should move toward a "neutral level," which he estimates is 100 to 125 basis points lower than current levels.



The S&amp;P 500, Nasdaq 100 and Dow Jones Industrial Average all hovered near unchanged levels Thursday, while the Russell 2000 slipped 1%, reflecting weakness in small caps.



Semiconductor stocks stood out on the upside after Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TSM">TSM</a>) beat earnings forecasts and delivered upbeat guidance. Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MU">MU</a>) jumped nearly 6%, while NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) and Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AVGO">AVGO</a>) each added around 1%.



Meanwhile, the crypto market turned lower again. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell more than 2% to $108,000, marking its third consecutive daily loss and bringing it close to its lowest level since July. Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) dropped 2.7%, while Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) plunged nearly 4%.



<h2 class="wp-block-heading">Thursday&#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>• Nasdaq 100</td><td>24,808.97</td><td>0.3%</td></tr><tr><td>• S&amp;P 500</td><td>6,672.56</td><td>0.0%</td></tr><tr><td>• Dow Jones</td><td>46,219.80</td><td>-0.1%</td></tr><tr><td>• Russell 2000</td><td>2,496.18</td><td>-0.9%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:15 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>) flattened at $610.87.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DIA">DIA</a>) inched 0.1% lower to $462.05.</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;edged 0.2% higher to $603.54.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IWM">IWM</a>) fell 1% to $247.83.</li>



<li>The&nbsp;Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLRE">XLRE</a>) outperformed, up 0.5%; the&nbsp;Financials&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLF">XLF</a>) lagged, down 1.3%.</li>
</ul>



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



Stocks moving on earnings reports included: 



<ul class="wp-block-list">
<li>Charles Schwab Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SCHW">SCHW</a>) up 0.9%</li>



<li>Marsh &amp; McLennan Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MMC">MMC</a>) down 5.6%</li>



<li>Bank of New York Mellon Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BK">BK</a>) up 0.4%</li>



<li>U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/USB">USB</a>) up 0.5%</li>



<li>Kinder Morgan, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KMI">KMI</a>) down 0.9%</li>



<li>Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TRV">TRV</a>) down 2.6%</li>



<li>United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/UAL">UAL</a>) down 9.4%</li>



<li>M&amp;T Bank Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MTB">MTB</a>) down 2.6%</li>



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



<li>Snap-on Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SNA">SNA</a>) up 4.3%</li>



<li>J.B. Hunt Transport Services, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/JBHT">JBHT</a>) up 19.7%</li>



<li>Rexford Industrial Realty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/REXR">REXR</a>) up 1.9%</li>



<li>First Industrial Realty Trust, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/FR">FR</a>) up 1.4%</li>



<li>Pinnacle Financial Partners, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PNFP">PNFP</a>) down 2.7%</li>



<li>MarketAxess Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MKTX">MKTX</a>) down 0.8%</li>



<li>Synovus Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SNV">SNV</a>) down 2.7%</li>
</ul>



Stocks slated to report after the close include CSX Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CSX">CSX</a>), Interactive Brokers Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/IBKR">IBKR</a>), Watsco, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WSO">WSO</a>) and MarketAxess Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MKTX">MKTX</a>).



Read Now:



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<li><a href="https://www.benzinga.com/markets/equities/25/10/48252863/sp500-forward-pe-ratio-valuations-dot-com-bubble-risks-ai">S&amp;P 500 Is Trading Like It&#8217;s 2000—History Shows What Happens Next Isn&#8217;t Pretty</a></li>
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Gold Hits $4,270, Bitcoin Plunges Below $110,000: What's Moving Markets Thursday?

After racking up a staggering 85% return over the past three years, the S&amp;P 500 is riding a wave of momentum—but its valuation levels now echo the dot-com era, raising questions about whether long-term returns <a href="https://www.benzinga.com/analyst-ratings/analyst-color">could once again disappoint.</a>



As of today, the S&amp;P 500 Index – as tracked by the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VOO">VOO</a>) – is trading at a forward price-to-earnings ratio of approximately 23—meaning investors are paying 23 times expected earnings over the next 12 months.



Valuations at these levels were last seen in 2000, and the decade that followed delivered weak returns—although the 2008-2009 financial crisis had a profound impact on them.



Is there really a strong link between stock market valuations and future returns? Do high valuations always lead to lower returns down the road—and vice versa?



<h2 class="wp-block-heading">Can Today's S&amp;P 500 Price Tell You Tomorrow's Return?</h2>



Historically, there's a clear trend: when the S&amp;P 500 has traded at elevated forward price-to-earnings ratios, long-term returns have often disappointed.



Periods with forward P/E ratios above 22—roughly where the index sits today—have historically produced 10-year annualized returns between -3% and 3%. 



Notably, no instance of valuations above a forward P/E of 24 has ever led to a decade of positive returns.



By contrast, when valuations were in the market&#8217;s bottom quintile—typically with P/E ratios below 12 or 13—the S&amp;P 500 went on to deliver strong double-digit gains, averaging 12%-16% per year over the next decade.



In a recent note from VanEck, Brandon Rakszawski, director of product management, said "stretched valuations and heavy exposure may weigh on long-term return potential."



&#8220;Investors have been happy to pay that multiple as many companies, particularly the Magnificent 7, have managed to notably expand profits in recent periods,&#8221; he added.



<h2 class="wp-block-heading">Why Are Valuations So High?</h2>



Much of the current market's strength can be traced to a handful of dominant companies—especially those in artificial intelligence and technology. 



The so-called Magnificent Seven – NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>), Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>),&nbsp; 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>), Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMZN">AMZN</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>) and Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>) – have posted explosive earnings growth, which has largely justified their rising stock prices.



But the heavy reliance on these few names has pushed the S&amp;P 500 into uncharted territory in terms of concentration.



As of 2025, the 10 largest companies now make up a staggering 40% of the index, up from just 27% at the peak of the dot-com bubble. This level of concentration is unprecedented.



<h2 class="wp-block-heading">Not a Bubble—But a Market Built on Extreme Concentration</h2>



Jordi Visser, head of AI Macro Nexus Research for 22V Research, doesn't call this a bubble—but something potentially more dangerous: a hyper-concentrated system driven by the winners of a K-shaped economy.



"What we are seeing is not a bubble but a concentrated market," Visser said. He noted that the wealth gap has grown stark, with the top 1% of U.S. households owning about one-third of all assets, while the bottom 50% holds just 2.5%.



AI, Visser added, may continue driving gains at the top, but it's also creating a violent divergence in performance. 



"The bubble may not be in prices rising, it may be in the gap between what rises and what doesn't," he said. 



In his view, the system now "rewards concentration, suppresses volatility, and accelerates intelligence," making it vulnerable to sudden shocks—not traditional recessions.



<h2 class="wp-block-heading">So What Happens Next?</h2>



While stretched valuations aren't necessarily a sell signal, they do warrant caution—particularly when it comes to diversification.



Rakszawski noted that extreme valuations should prompt investors to think twice about overexposure to any one sector or group of companies. 



And with the 10 largest firms now dominating both market cap and corporate profits, the risk isn't just in price—it's in concentration.



For now, the rally rolls on. But historical data suggest that the higher valuations climb, the harder it becomes to sustain long-term outperformance.



Read Next:



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<li><a href="https://www.benzinga.com/markets/commodities/25/10/48238332/gold-versus-bitcoin-which-is-better-safe-haven-2025-outlook-price-forecasts">Gold Is The &#8216;Physical Bitcoin,&#8217; And Prices Could Rise To $10,000: Ed Yardeni</a></li>
</ul>



Photo: Lightspring/Shutterstock

Analyst Ratings

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S&P 500 Is Trading Like It's 2000—History Shows What Happens Next Isn't Pretty

Gold is having a blockbuster year, and speculation is mounting that there's more than just inflation or tariff hedging behind the move — with some experts now floating the possibility that the Donald Trump administration may <a href="https://www.benzinga.com/topic/gold">be quietly buying gold.</a>



In a tweet on social media X, Otavio Costa, portfolio manager at Crescat Capital, said the price action doesn't look like normal institutional buying. 



&#8220;The U.S. government is the one buying here,&#8221; he said.



"The price action has been extraordinary — no institutional investor would be chasing like this. It's a central-bank-led move unlike anything we've seen before. A gold rush, if you will," he added. 



Gold prices – as tracked by the SPDR Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GLD">GLD</a>) – rose to $4,250 on Thursday, up over 60% year-to-date, on track for their best-performing year since 1979. The precious metal is currently on its ninth-straight week of gain – the longest streak since August 2020. 



In a CNBC appearance Wednesday, Treasury Secretary Scott Bessent was pressed on whether gold&#8217;s move reflects any anti-dollar sentiment from other economies. While he dismissed speculations about a wave of de-dollarization, he acknowledged that there are more buyers than sellers in gold. 



<h2 class="wp-block-heading">Chart: Gold Is On Track For The Strongest Year Of Gains Since 1979</h2>



<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/2025/10/16084021/image-427-1024x556.png" alt="" class="wp-image-1117667" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16084021/image-427-1024x556.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16084021/image-427-300x163.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16084021/image-427-768x417.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16084021/image-427-1536x834.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16084021/image-427-2048x1112.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading">Bank of America And Yardeni Raise Gold Forecasts</h2>



Earlier this week, Bank of America raised its 2026 price forecast for gold to $5,000 per ounce, citing a powerful mix of ETF inflows <a href="https://www.benzinga.com/news/25/10/48176691/gold-silver-forecasts-outlook-2025-2026-etf-demand-lease-rate-trump-tariffs">and central bank buying. </a>



The bank said ETF inflows surged 880% year over year in September, reaching $14 billion — an all-time monthly record.



Wall Street veteran Ed Yardeni echoed the <a href="https://www.benzinga.com/markets/commodities/25/10/48238332/gold-versus-bitcoin-which-is-better-safe-haven-2025-outlook-price-forecasts">bullish tone in a note</a> on Wednesday. "We are now aiming for $5,000 in 2026. If it continues its current path, it could reach $10,000 by the end of the decade or sooner," he wrote.



 "Bitcoin has been described as ‘digital gold,' but we see gold as ‘physical bitcoin,'" Yardeni said, arguing that gold remains the superior safe-haven asset in a time of growing geopolitical and fiscal instability.



Even JPMorgan CEO Jamie Dimon, typically a skeptic of non-productive assets like gold or Bitcoin, said this week that gold could easily go to $5,000, or even $10,000 in an economic environment like this. 



&#8220;This is one of the few times in my life it's semi-rational to own some," Dimon added. 



<h2 class="wp-block-heading">Central Banks Are Leading The Charge</h2>



What's not in dispute is the aggressive pace of gold buying by central banks. According to the World Gold Council, global central banks have been net buyers for 17 consecutive months. In August alone, they added a net 19 metric tonnes, following a July pullback.



"Central banks remain keen to continue increasing their exposure," said Krishan Gopaul, a strategist at the World Gold Council.



Poland has been the most active sovereign buyer in 2025, adding more than 60 tonnes to its reserves. 



Much of this demand stems from heightened geopolitical risk and concerns about reliance on the U.S. dollar in cross-border trade.



<h2 class="wp-block-heading">Is The US Treasury Stockpiling Gold?</h2>



There's no confirmation that the U.S. government is accumulating gold, but the theory is gaining traction, especially in light of the stark difference between gold's current market value and how it's reported on the federal balance sheet.



The U.S. holds 261.5 million troy ounces of gold — approximately 8,133 metric tons — the largest official stockpile in the world. Yet this hoard is still booked at just $42.22 per ounce, a valuation set in 1973.



That pegs the entire U.S. reserve at $11 billion. At today's prices near $4,250 per ounce, that same stockpile is worth roughly $1.1 trillion.



In August, a <a href="https://www.federalreserve.gov/econres/notes/feds-notes/official-reserve-revaluations-the-international-experience-20250801.html">paper</a> by Federal Reserve economist Colin Weiss explored the idea of using revaluation gains on gold to reduce U.S. public debt without raising taxes or issuing new Treasury bonds.



 If the gold on the books were marked to market, the paper value would jump to over $1 trillion.



That wouldn't fix the $35 trillion debt problem overnight, but it could provide a meaningful fiscal breathing room. 



<h2 class="wp-block-heading">Bottom Line</h2>



Is Washington secretly buying gold? We don't know. But the pace of buying, the price action, and the macro narrative around currency diversification all suggest that something unusual is happening.



This isn't just about inflation or interest rates anymore. It's about a global shift in power, trust, and monetary regimes. 



Whether the U.S. is preparing for that shift or simply riding the wave, gold is once again at the center of it all.



Read Next:



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Photo: Hodoimg on Shutterstock

Trump's Stealth Move May Be Behind The Biggest Gold Boom Since 1979

Taiwan Semiconductor Manufacturing Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TSM">TSM</a>)&nbsp;stock gained on Thursday after <a target="_blank" href="https://www.benzinga.com/topic/tsmc" rel="noreferrer noopener">the contract chipmaker</a> delivered&nbsp;third-quarter results&nbsp;that blew past analyst expectations, driven by global demand for its advanced processor technologies essential for artificial intelligence applications.



As a key supplier to tech giants like&nbsp;Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) for its graphics processing units (GPUs) and&nbsp;Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>) for its smartphones, the company&#8217;s strong results reflect its critical role in the industry ecosystem. The company also provided an optimistic revenue forecast for the fourth quarter.



Taiwan Semiconductor reported <a target="_blank" href="https://investor.tsmc.com/english/quarterly-results/2025/q3" rel="noreferrer noopener">quarterly net sales</a> of $33.1 billion (989.9 billion New Taiwanese dollars), up 30.3% year-over-year (Y/Y), topping the analyst consensus estimate of $31.5 billion. Net sales grew&nbsp;6.0% quarter over quarter (Q/Q).



Also Read: <a target="_blank" href="https://www.benzinga.com/markets/tech/25/10/48171205/taiwan-semiconductor-stock-rebounds-as-ai-hype-overpowers-china-tensions" rel="noreferrer noopener">Taiwan Semiconductor Stock Rebounds As AI Hype Overpowers China Tensions</a>



Net income and earnings per share were $15.10 billion (451.76 billion New Taiwanese dollars) and $2.92 (87.22 New Taiwanese dollars), up by 39.0% Y/Y, topping the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate</a> of $2.59.&nbsp;



In U.S. dollar terms, revenue growth was 40.8% Y/Y and up by 10.1% Q/Q.&nbsp;The top-line performance&nbsp;topped&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/earnings/25/07/46462634/nvidia-supplier-taiwan-semiconductor-on-a-roll-profit-explodes-with-strong-margin-growth" rel="noreferrer noopener">the&nbsp;company&#8217;s guidance</a> of&nbsp;$31.8 billion to $33.0 billion.



<h2 class="wp-block-heading">Technology and Platform Revenue Breakdown</h2>



The company stated that 3-nm technologies accounted for 23% of the total revenue, 5-nm technologies accounted for 37%, and 7-nm technologies accounted for 14%. Advanced technologies (7nm and below) accounted for 74% of total wafer revenue.



By platform, High-Performance Computing&nbsp;(HPC) and Smartphones represented 57% and 30% of net revenue, respectively, while IoT, Automotive, DCE, and Others each represented 5%, 5%, 1%, and 2%, respectively.



From a geographic perspective, revenue from customers based in North America accounted for 76% of total net revenue in 3Q25. In contrast, revenue from Asia Pacific, China, Japan, and EMEA (Europe, the Middle East, and Africa) accounted for 9%, 8%, 4%, and 3% of total net revenue, respectively.



<h2 class="wp-block-heading">Profitability and Capital Spending</h2>



Taiwan Semiconductor&#8217;s AI technology moat helped it expand its quarterly gross margins by 170 basis points to 59.5%, topping the company&#8217;s quarterly guidance of 55.5% to 57.5%. 



The operating margin expanded by 310 basis points to 50.6%, exceeding the company&#8217;s quarterly outlook of 45.5% to 47.5%.



Free cash flow decreased by 60.5 billion New Taiwanese dollars to an inflow of 139.4 billion New Taiwanese dollars in the quarter, as a result of lower operating cash flow.



Capital expenditures on a consolidated basis totaled $9.70 billion in the third quarter of 2025.



The board approved a 5.00 New Taiwanese dollars cash dividend for the second quarter of 2025.



<h2 class="wp-block-heading">Management Commentary on AI Growth</h2>



&#8220;Our business in the third quarter was supported by strong demand for our leading-edge process technologies,&#8221; said Wendell Huang, Senior VP and CFO of TSMC. &#8220;Moving into fourth quarter 2025, we expect our business to be supported by continued strong demand for our leading-edge process technologies.&#8221;



According to Reuters, CEO C.C. Wei has expressed a growing conviction in the AI megatrend, noting that demand for artificial intelligence remains stronger than anticipated.



During an earnings call, Wei stated, &#8220;AI demand actually continues to be very strong, more strong than we thought three months ago.&#8221;



He added that the company is receiving &#8220;very strong signals&#8221; directly from its customers&#8217; customers, who are requesting increased capacity to support their business needs. This consistent and powerful demand further reinforces the company&#8217;s positive outlook on the future of AI.



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



Taiwan Semiconductor&nbsp;guided fourth-quarter&nbsp;2025 revenue of $32.20 billion to $33.40 billion, versus the $31.97&nbsp;billion&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">analyst consensus estimate</a>. It expects a gross margin of 59% to 61% and operating profit margins of 49% to 51%.



Taiwan Semiconductor stock has gained over 54% year-to-date.



Price Action: TSM stock was trading higher by 1.80% to $310.20 premarket at last check Thursday.



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Photo by Jack Hong via Shutterstock

Taiwan Semiconductor Lifts Outlook After Blowout Quarter, CEO Says AI Signals From Clients Are 'Very Strong'

Chipmaker NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) has surpassed Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>) as the most dominant company in the S&amp;P 500, with an average weightage that hasn&#8217;t been seen for several decades.



NVDA shares are trending higher. <a href="https://www.benzinga.com/quote/NVDA" target="_blank" rel="noreferrer noopener">See what is happening here</a>.



<h2 class="wp-block-heading">Unprecedented Market Cap Concentration</h2>



On Wednesday, in a post on X, The Kobeissi Letter highlighted that Nvidia &#8220;has reflected 8% of the S&amp;P 500&#8217;s market cap on average in 2025, the highest percentage of any company in the index.&#8221;



See Also: <a href="https://www.benzinga.com/markets/tech/25/10/48216726/nvidia-ceo-jensen-huang-hails-release-of-israeli-engineer-avinatan-or-after-two-years-in-hamas-captivity-close-of-a-painful-chapter">Nvidia CEO Jensen Huang Hails Release of Israeli Engineer Avinatan Or After Two Years in Hamas Captivity: &#8216;Close Of A Painful Chapter&#8217;</a>



&#8220;It has surpassed Apple, $AAPL, which held the top spot for the previous 6 consecutive years,&#8221; after the chipmaker edged out the Cupertino-based giant to become the <a href="https://www.benzinga.com/markets/equities/24/10/41551461/nvidia-overtakes-apple-as-worlds-most-valuable-company-again">most valuable company</a> in the world, around the same period last year.



&#8220;Nvidia's market weight is now the largest for any company since 1974,&#8221; the post said, highlighting IBM Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IBM">IBM</a>) as the previous holder of this title, having &#8220;dominated the market for 15 years through the 1970s and 1980s,&#8221; after General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GM">GM</a>) did the same &#8220;for 18 years during the 1950s–1970s.&#8221;



<figure class="wp-block-embed aligncenter 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">Shocking stat of the day: Nvidia, <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a>, has reflected 8% of the S&amp;P 500&#39;s market cap on average in 2025, the highest percentage of any company in the index. It has surpassed Apple, <a href="https://twitter.com/search?q=%24AAPL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AAPL</a>, which held the top spot for the previous 6 consecutive years. Nvidia's market weight… <a href="https://t.co/tgI1fZL4Oe">pic.twitter.com/tgI1fZL4Oe</a>&mdash; The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1978493464984838186?ref_src=twsrc%5Etfw">October 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading">NVIDIA Leapfrogs Entire Nations</h2>



In recent months, NVIDIA&#8217;s $4.37 trillion market capitalization has <a href="https://www.benzinga.com/markets/tech/25/09/47686335/nvidias-market-capitalization-surpasses-canadas-gdp-as-mckinsey-projects-1-7-trillion-ai-data-center-spend-by-2030">surpassed the GDP</a> of nation-states such as Canada, which stood at $2.24 trillion in 2022. 



The company that now makes up 5.04% of the&nbsp;MSCI All Country World Index, is <a href="https://www.benzinga.com/markets/equities/25/10/48081738/nvidias-market-dominance-now-dwarfs-japan-china-germany-uk">single-handedly ahead of Japan</a>, the world&#8217;s third-largest stock market, at 4.78%, alongside China, the U.K. and Canada, at 3.33%, 3.23% and 2.92%, respectively. 



Nvidia shares were down 0.09% on Wednesday, closing at $179.83, but are up 1.05% in overnight trade, and the stock is up 30% year-to-date. It scores well in Benzinga&#8217;s Edge Stock Rankings, and has a favorable price trend in the short, medium and long terms. Click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a> for deeper insights on the stock, its peers and competitors.



<figure class="wp-block-image aligncenter size-large is-resized"><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="149" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16043708/Screenshot-2025-10-16-at-1.28.19-PM-1-1024x149.png" alt="" class="wp-image-1117137" style="width:674px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16043708/Screenshot-2025-10-16-at-1.28.19-PM-1-1024x149.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16043708/Screenshot-2025-10-16-at-1.28.19-PM-1-300x44.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16043708/Screenshot-2025-10-16-at-1.28.19-PM-1-768x112.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/16043708/Screenshot-2025-10-16-at-1.28.19-PM-1.png 1524w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



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<li><a href="https://www.benzinga.com/news/25/10/48225416/nvidia-to-rally-around-76-here-are-10-top-analyst-forecasts-for-wednesday">Nvidia To Rally Around 76%? Here Are 10 Top Analyst Forecasts For Wednesday</a></li>
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Photo courtesy: Shutterstock

Nvidia Now Represents 8% Of S&P 500: Highest Market Share For Any Company Since 1974

The Federal Reserve's latest Beige Book report reveals that tariffs implemented by the Donald Trump administration are translating into higher costs for businesses, with the financial burden increasingly being passed on to consumers.



However, the report details an economy that &#8220;changed little on balance,&#8221; with one analyst highlighting that the broader risks of a recession remain low.



<h2 class="wp-block-heading">Trump&#8217;s Tariffs Are Causing Price Hikes</h2>



The October 2025 summary indicates that tariff-induced price hikes were reported across many of the Fed's districts. While some businesses absorbed the initial shock to protect market share, others in manufacturing and retail have begun &#8220;fully passing higher import costs along to their customers&#8221;.



This has led to price-sensitive behavior, with the report noting that &#8220;lower- and middle-income households continued to seek discounts and promotions in the face of rising prices and elevated economic uncertainty&#8221;.



The economic landscape remains varied, with three districts reporting slight growth, five seeing no change, and four noting a slight softening of activity.



<h2 class="wp-block-heading">Rising Costs Will Be A &#8216;Greater Burden&#8217; For Consumers</h2>



Eric Teal, Chief Investment Officer for Comerica Wealth Management, observed that companies are running out of ways to mitigate the duties.



&#8220;Ultimately, it is likely the inflation-fearing consumer will bear an even greater burden of the tariff costs,&#8221; Teal stated in his commentary.



<h2 class="wp-block-heading">Government Shutdown To Amplify Weakness?</h2>



The report&#8217;s findings cover a period before the recent government shutdown, a factor that could worsen the slowdown. According to Jeffrey Roach, Chief Economist for LPL Financial, the &#8220;slowdown started before the government shutdown, which will only exacerbate the weakness.&#8221;



He noted that waning demand has pushed down prices for some materials like steel and lumber.



See Also:<a href="https://www.benzinga.com/markets/economic-data/25/10/48194309/scott-bessent-warns-sec-shutdown-is-halting-major-ipos-poses-serious-national-security-issue-for-america"> Scott Bessent Warns SEC Shutdown Is Halting Major IPOs, Poses &#8216;Serious National Security Issue&#8217; For America</a>



<h2 class="wp-block-heading">Recession Remains &#8216;Well-Contained&#8217;</h2>



Despite these headwinds, Roach believes the economy will avoid a severe downturn. &#8220;Firms continue to experience a slowdown in business activity,&#8221; he said. &#8220;Recession risks still appear well-contained.&#8221;



This sentiment is supported by a largely stable, though muted, labor market, where employers favor temporary over full-time hires. Roach anticipates the Federal Reserve will continue its course of action, stating, &#8220;we expect the Fed to continue to cut rates in the remaining two meetings of this year.&#8221;



<h2 class="wp-block-heading">Price Action</h2>



The S&amp;P 500 index ended 0.40% higher at 6,671.06 on Wednesday, whereas the Nasdaq 100 index advanced 0.68% to 24,745.36. On the other hand, Dow Jones fell 0.037% to 46,253.31.



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 on Wednesday. The SPY was up 0.44% at $665.17, while the QQQ advanced 0.71% to $602.22, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



On Thursday, the futures of the S&amp;P 500, Dow Jones, and Nasdaq 100 indices were trading in a mixed manner.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/economic-data/25/10/48220411/trumps-tariffs-papered-over-by-ai-are-quietly-hurting-economy-weve-only-seen-half-of">Trump&#8217;s Tariffs &#8216;Papered Over By AI&#8217; Are Quietly Hurting Economy: &#8216;We&#8217;ve Only Seen Half Of&#8230;&#8217;</a></li>
</ul>



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



Photo courtesy: Shutterstock

Politics

Trump Tariffs To Wreak Havoc For 'Inflation-Fearing Consumers,' Shows Fed's Beige Book, But Analyst Notes Recession Risks Appear 'Well Contained'

The CNN Money Fear and Greed index showed an increase in the overall fear level, while the index remained in the &#8220;Fear&#8221; zone on Wednesday.



U.S. stocks settled mostly higher on Wednesday, as the Nasdaq Composite gained more than 100 points during the session with investor optimism lifted by strong bank and corporate earnings alongside growing expectations for further Federal Reserve rate cuts — keeping trade concerns sidelined for now.



Among major earnings reports, Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BAC">BAC</a>) and Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MS">MS</a>) both topped the Street's expectations.



Markets are now fully pricing in a 25-basis-point rate cut in October, with 95% odds of another reduction in December, fueling rallies in both equities and precious metals.



On the economic data front, the NY Empire State Manufacturing Index climbed 19.4 points to a reading of 10.7 in October, also topping market expectations of -1.0.



Most sectors on the S&amp;P 500 closed on a positive note, with real estate, utilities and communication services stocks recording the biggest gains on Wednesday. However, materials and industrials stocks bucked the overall market trend, closing the session lower.



The Dow Jones closed lower by around 17 points to 46,253.31 on Wednesday. The S&amp;P 500 rose 0.40% to 6,671.06, while the Nasdaq Composite jumped 0.66% to 22,670.08 during Tuesday's session.



Investors are awaiting earnings results from Charles Schwab Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SCHW">SCHW</a>), Travelers Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TRV">TRV</a>) and US Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/USB">USB</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 29.7, the index remained in the &#8220;Fear&#8221; zone on Wednesday, versus a prior reading of 31.8.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/short-ideas/25/10/48222621/top-2-financial-stocks-that-may-collapse-this-quarter-2">Top 2 Financial Stocks That May Collapse This Quarter</a></li>
</ul>



Photo via Shutterstock

Nasdaq Jumps Over 100 Points Amid Strong Earnings: Investor Sentiment Declines, Greed Index Remains In 'Fear' Zone

Leading cryptocurrencies fell on Wednesday, but stocks recovered, as the Trump administration remained resolute in its stance against China.



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 9:30 p.m. ET)</th></tr></thead><tbody><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-1.48%</td><td>$110,900.78</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-2.29%</td><td>$3,995.86</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-3.41%</td><td>$2.41</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-4.15%</td><td>$194.27</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-3.37%</td><td>$0.1969</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Crypto Market Falters</h2>



Bitcoin meandered in the $111,000 region as trading volume declined sharply. Spot exchange-traded funds linked to the asset recorded net outflows of more than $90 million on Oct. 15, <a href="https://sosovalue.com/assets/etf/us-btc-spot">according </a>to SoSo Value.



Ethereum dipped below $4,000 but found good support in the $3,900 zone. Trading volume declined 27% over the last 24 hours. XRP and Dogecoin also edged lower.



Cryptocurrency liquidations reached $442 million in the last 24 hours, with nearly $400 million in long positions wiped out from the market, <a href="https://www.coinglass.com/LongShortRatio">according </a>to Coinglass.&nbsp;That said, nearly $500 million in BTC shorts risked liquidation if the asset rebounds to $115,000



Bitcoin&#8217;s open interest declined 1.77% in the last 24 hours, and more than 23% since the all-time highs hit earlier this month.



"Fear" sentiment continued to define the market, according to the Crypto Fear &amp; Greed Index.



Top Gainers (24 Hours)&nbsp;



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency (Market Cap&gt;$100 M)</th><th>Gains +/-</th><th>Price (Recorded at 9:30 p.m. ET)</th></tr></thead><tbody><tr><td>Bless (BLESS)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+591.90%</td><td>$0.2165</td></tr><tr><td>BNB Attestation Service (BAS)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+56.14%</td><td>$16.65</td></tr><tr><td>ChainOpera AI (COAI )&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+19.48%</td><td>$0.7964 </td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.75 trillion, following a decrease of 2.24% in the last 24 hours.



<h2 class="wp-block-heading">Stocks Rebound, Gold Strengthens</h2>



The stock market bounced back on Wednesday. The S&amp;P 500 gained 0.4% to close at 46,253.31, while the tech-focused Nasdaq Composite ended up 0.7% at 22,670.08. The Dow Jones Industrial Average inched lower, sliding 17.15 points, or 0.04%, to end at 46,253.31.



The recovery came despite Treasury Secretary Scott Bessent stating that the recent sell-offs <a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48229271/scott-bessent-says-its-china-versus-the-world-then-whys-bitcoin-down-to-111000">won't deter Washington from taking "strong measures"</a> against China.



Last week, Trump threatened <a href="https://www.benzinga.com/news/politics/25/10/48166569/wall-street-expects-trumps-massive-tariff-hike-threat-against-china-to-hurt-us-more-says-expert-dollar-is-not-looking-healthy">"100% tariffs"</a> on China over its "aggressive" stance on export controls, sending stocks and cryptocurrencies crashing.



Meanwhile, gold continued its <a href="https://www.benzinga.com/markets/commodities/25/10/48220055/gold-deals-pick-up-as-metal-soars-past-4200">record-breaking run</a>, surging past $4,200 per ounce.



<h2 class="wp-block-heading">Why ETH Should Hold This Level</h2>



Widely followed cryptocurrency analyst and trader Ali Martinez highlighted $3,900 as a "major support zone" for Ethereum.



"Iff it holds, the Pricing Bands point to a move toward $5,000 or even $6,000," Martinez predicted.



The Market Value Realized Value Deviation Pricing Bands model price levels based on deviations from its realized price and help identify market cycle tops and bottoms.



<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">$3,900 is a major support zone for Ethereum <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>. If it holds, the Pricing Bands point to a move toward $5,000 or even $6,000. <a href="https://t.co/GV6OFQqO3T">pic.twitter.com/GV6OFQqO3T</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1978461106021564735?ref_src=twsrc%5Etfw">October 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Blockchain analytics firm CryptoQuant said that Bitcoin has moved into the later stage of its bull cycle, with long-term investors booking profits while short-term holders taking control.&nbsp;



"The key signal to watch next will be a decline in short-term holder share, which would mark the start of a renewed accumulation phase led by long-term investors," CryptoQuant 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">Bitcoin Market Enters the "Speculative Phase" as New Whales Take Control "The key signal to watch next will be a decline in STH share, which would mark the start of a renewed accumulation phase led by long-term investors." – By <a href="https://twitter.com/xwinfinance?ref_src=twsrc%5Etfw">@xwinfinance</a> <a href="https://t.co/YWmJcmwDSv">pic.twitter.com/YWmJcmwDSv</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1978363900102873419?ref_src=twsrc%5Etfw">October 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo Courtesy: Travis Wolfe on Shutterstock.com



Read Next:&nbsp;&nbsp;&nbsp;&nbsp;



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<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/10/48239861/bitcoin-ethereum-tesla-on-5x-steroids-volatilityshares-seeks-sec-approval-for-its-wildest-ride-yet">Bitcoin, Ethereum, Tesla On 5x Steroids: VolatilityShares Seeks SEC Approval For Its Wildest Ride Yet</a></li>
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$DOGE

$XRP

Bitcoin Falls As Trump Officials Talk Tough On China; Ethereum, XRP, Dogecoin Also Drop: Analytics Firm Says Look Out For This 'Key Signal' On BTC

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