Earnings Season Opens as AI Build-Out Faces a Reality Check

AI Infrastructure Under Pressure

An analyst warning landed today that 45% of planned AI data centre capacity for 2027 may never get built. The note hit NVDA, AMZN, MSFT, and CoreWeave simultaneously. CoreWeave already carries 24.8% short interest as a percentage of free float, up 3.6 percentage points in just seven days. Bears are clearly unconvinced the buildout survives scrutiny. The analyst warning gives those shorts a narrative anchor heading into the next round of hyperscaler earnings.

Earnings Season Kicks Off

American Express reports today alongside oilfield services group SLB. The week builds quickly. Verizon reports Monday, then PayPal, Coca-Cola, and UPS follow on Tuesday. In Europe, Safran and Volvo Car both post today. ORTEX alt data shows Finnish car registration volumes running 9% below the same quarter last year, a leading indicator for Volvo Car revenue.

Europe: Stellantis and Novartis

Stellantis dropped to a fresh 52-week low today. The carmaker has been grinding lower through the year. Separately, Novartis released Phase III data showing its remibrutinib drug cut annualized relapse rates by 35% in multiple sclerosis patients. The trial results cover two studies. JP Morgan cut its target on Nokia to $20.50 while keeping an overweight rating.

Macro: Taiwan's Record Export Orders

Taiwan's total export orders hit $114.2bn in September, the largest September reading since 1984. Orders by product group also set a record at $95.7bn, up from $55.1bn a year earlier. The scale of the move points to real semiconductor demand, not just a statistical blip. UK retail sales also printed well, with the volume index at 103.3 in September, its highest September reading in four years.