The AI trade's trick-or-treat earnings season

AxiosOctober 31, 2026en

The latest wave of hyperscaler earnings is spooking Wall Street. Bulls and bears alike have evidence to validate their wildest dreams — or their worst nightmares. Why it matters : The market's AI obsession has entered its Jekyll and Hyde era, with the latest earnings from tech giants offering contrary signals about the AI boom. Driving the news : The tech-heavy Nasdaq briefly sank into correction territory, falling 10% from its prior peak, losing $1.2 trillion in value for the month of October, after a slew of earnings reports pointed to AI's big risks. But it wasn't all horror: within the earnings statements, some investors found proof that the AI bet is going exactly as it should. Here are

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