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Next edition in 312 min Oct 29, 2026, 16:00-23:00 Lisbon
Premarket Alpha Midday Alpha Post-Market Alpha
Daily Alpha Post-Market Alpha by Buzzberg Research

What changed since midday

Amazon spent $77.3 billion on Q3 capex and expects AWS growth above 40% in 2027 and 2028; Intel guided Q4 revenue to $15-16 billion against a $17.05 billion estimate as customers flagged a PC slowdown

Main narratives

day change
01

Amazon spent $77.3 billion on Q3 capex and expects AWS growth above 40% in 2027 and 2028

Amazon's Q3 EPS of $1.89 missed a $1.97 estimate, while AWS sales of $45.98 billion grew 39% ex-FX and Q4 operating-income guidance of $28.5-33.5 billion compared with a $32.99 billion estimate, per FinancialJuice. @jiahanjimliu notes capex of $77.3 billion against a $57.47 billion estimate. Amazon's CEO put the AWS backlog at $578 billion, and Amazon sees AWS growth above 40% in 2027 and 2028. Shares dropped 11%, per @tradfi.

AMZN -11.2%
02

Intel guided Q4 revenue to $15-16 billion against a $17.05 billion estimate as customers flagged a PC slowdown

Intel's Q3 adjusted EPS of $0.52 beat a $0.41 estimate and data center and AI revenue of $7.32 billion topped estimates, per FirstSquawk. Q4 guidance of $0.25 EPS and a 38% gross margin missed, and Intel said customers began signaling a PC slowdown based on memory prices and availability. Shares sank 21%, per @thestalwart. Jukan argues Intel underestimated how quickly higher memory prices would hit PC demand.

INTC -25.8%
03

SanDisk's Q1 revenue of $11.03 billion beat estimates and about two-thirds of its 2028 bits are under NBM agreements

SanDisk's revenue of $11.03 billion beat a $10.64 billion estimate, data center revenue rose 61% quarter on quarter and Q2 adjusted EPS guidance of $55-57 topped a $53.19 estimate, per @ren_stocks. Management said 50% of its bits are under NBM agreements for 2027 and about two-thirds for 2028, and that its NBM pipeline exceeds supply through the end of the decade. SanDisk also announced an eight-for-one split effective November 19.

SNDK -8.9%
04

Reddit's Q3 daily active users of 130.3 million missed a 133.53 million estimate, and search referral traffic fell

Reddit said search referral traffic was meaningfully down in Q3, per @tradfi, and ParadisLabs puts U.S. DAUs at 50.7 million, down 2.5 million quarter on quarter. Revenue of $894 million beat an $874 million estimate, per Unusual Whales. Reddit plans to shift to a primarily logged-in experience, per Bloomberg. The Kobeissi Letter says shares fell over 12% after weaker-than-expected DAUs and Q4 guidance.

RDDT -21.0%

Themes of the session

?
Z-score shows how far this edition's mention count is above or below the theme's own average across 20 comparable earlier editions. +2.7σ means mentions are 2.7 standard deviations above that average — simply, the theme is being mentioned much more often than usual. It measures attention, not bullishness or expected return. Themes need at least 8 posts; gold begins at +2σ, and σ is hidden when history is too thin.
Internet Platforms +12.8σ
RDDT -21.0% · PINS -12.4% · GGLL -27.4%
44 posts 31 voices base 3.4
Crypto Assets +10.6σ
BTC — · HYPE — · BNB —
+21 more USDT — · ETH — · USDC — · AAVE — · XMR — · ZEC — · TRX — · UNI — · AVAX — · RLUSD — · XAUT — · ENA — · PEPE — · PAXG — · 3JN — · LIT — · SYN — · JUP — · PURR — · ATH — · SKY —
131 posts 47 voices base 35.1
Chip Manufacturing & Equipment +8.5σ
INTC -25.8% · ASML -1.6% · NXPI +3.7%
+13 more AIXA.DE — · AEHR — · ASYS — · SHMD — · ASML.AS — · KLAC — · LRCX — · ASM.AS — · CAMT — · ONTO — · BESI — · AMAT — · TSM -4.5%
101 posts 56 voices base 20.1
Crypto Infrastructure +7.2σ
COIN -5.8% · GLXY -8.8% · CRCL -7.6%
16 posts 13 voices base 2.1
GLP-1 / Obesity +6.1σ
HIMS -1.9% · LLY +7.5%
9 posts 6 voices base 1.9
Restaurants +5.0σ
SBUX +0.4% · CMG +8.3% · CAVA +8.5%
+2 more BROS — · SG —
20 posts 14 voices base 3.2
Gaming & Entertainment +4.4σ
RBLX -18.5% · AMC +1.3% · UMG.AS +0.6%
10 posts 7 voices base 1.9
Memory & Storage +3.2σ
SNDK -8.9% · MU -8.2% · 000660.KS -9.0%
+7 more 005930.KS -5.9% · 285A.T +0.0% · WDC — · STX — · SIMO — · SKHY — · 688825.SS —
64 posts 36 voices base 30.4
Crypto Treasuries +2.7σ
MSTR -7.4%
12 posts 11 voices base 3.8
Software & SaaS +2.6σ
NOW -28.1% · TWLO -20.5% · CRM -5.6%
+11 more TEAM -9.2% · ADBE — · DND.TO — · DND — · ZM — · RNG — · BBAI +2.0% · SAP — · CNXC — · FRSH — · PLTR —
30 posts 21 voices base 13.1
Hyperscalers +1.7σ
AMZN -11.2% · GOOGL -13.6% · MSFT -0.5%
+2 more META +1.4% · ORCL -6.6%
258 posts 156 voices base 78.3
Oil & Gas +1.6σ
CVX +2.2% · 2222.SR — · XOM +1.7%
+15 more MPC — · VLO — · PSX — · SHEL — · ATH.TO — · CNQ — · CVE — · DINO — · SU — · KMI — · PBF — · EPD — · DNO.OL — · 0857.HK — · PBR —
17 posts 9 voices base 9.8
Cybersecurity +1.5σ
FTNT -20.9% · NET -6.4% · TENB +8.1%
+9 more OKTA — · PANW — · CHKP — · CRWD — · QLYS — · FFIV — · GEN — · RBRK — · ZS —
8 posts 6 voices base 3.4
Payments & Fintech +1.2σ
MA +5.1% · OSPN +20.8% · V +3.9%
+8 more SOFI — · SEZL — · TOST — · AXP — · MITK — · YOU — · KLAR — · DLO —
10 posts 8 voices base 5.7
Positioning Market Radar →

Selective / waiting

2 positions · 2 voices

Fading / not buying

2 positions · 2 voices
YouTube
44 videos · 26h 17m Jefferies' Brent Thill says Amazon's cloud backlogs are not converting into revenue quickly enough, and Shell's CEO says fuel-station volumes run about 5% below prior levels globally. Open the desk →
X
1917 posts Jukan argues Intel underestimated how quickly higher memory prices would hit PC demand, while Chamath notes big memory stocks are still roughly 22% to 65% below their highs as profits climb. Open the desk →
Reddit
720 threads One r/ValueInvesting poster plans to buy Amazon tomorrow and another models upside in ServiceNow after a 25% drop, while an Intel holder on r/AMD_Stock called the quarter poor. Open the desk →
Substack
2 letters Kyla Scanlon and Lael Brainard argue grocery prices are a top consumer and political pain point, citing tariffs and shrinkflation. Open the desk →