Wednesday Roundup: Google Cuts Jobs as Chips Draw Bears

Tech Under Pressure

GOOGL Alphabet is extending voluntary buyout offers to employees across several countries, according to a Reuters exclusive published this morning. The move adds to cost-cutting pressure already flagged in earlier quarters. Options traders are not waiting for details. Alphabet ranks among the most negatively skewed names by options flow over the past seven days, per ORTEX data. Analyst consensus target prices on PLTR Palantir are rising, with the average now at $217.68. Yet with 21 Sell ratings against seven Buys, the Street remains deeply split on the stock even as analysts lift their numbers.

Chips Face Bearish Bets

Semiconductor names are drawing the heaviest put flow this week. AMD, NVDA, MU and INTC all rank high on negative options positioning. AMD CEO Lisa Su told investors the company has "good visibility into 2027" on AI infrastructure. That comment has not slowed the bearish options flow. AMD's RSI sits near 34.6, approaching oversold territory. Short sellers also remain active in silicon carbide chipmaker WOLF, where short interest stands at 88.3% of free float and available stock to borrow is effectively zero.

GM Hit With Double Recall

GM General Motors faces two separate recalls filed today. One covers 67,380 Cadillac and Chevrolet EV models over a brake control software defect. A second covers 12,715 vans over a steering gear issue. The twin headlines land against a weak real-economy backdrop. New York State recorded just 20,670 new passenger vehicle registrations in October, the smallest October figure on record since 2024, down 19% from a year earlier, according to ORTEX alt data tracking the New York DMV register.

Index Radar: Iveco Goes, SharkNinja Climbs

Tata Motors' tender offer for Iveco Group is 99% likely to be effective. Index announcements are expected Thursday. IVG Iveco faces removal from the STOXX Europe 600 and related indices, with $404M of total forced selling to follow by 9 November. Separately, SharkNinja's probability of joining the S&P 500 at the December review jumped from 7% to 39% overnight, with $3.9B of potential forced buying if it makes the cut.