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The Markets Desk — Week 44 · Wed 28 Oct 2026
Beats / 7 priced constituents

ai

An equal-weight index of the priced names on this beat, rebuilt every Friday from the constituents that were actually in it.

186.1-3.5%base 100 · to 2026-10-23

This week

Up most

Down most

What happened

Events on ai
DateTypeWhat happenedSource
2026-10-27editorial noteCapex figure revised: $31,078M → $39.5BCapex moved from $31,078M (deep-dive-2026-08-10.md) to $39.5B (deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteMargin figure revised: 43% → 20%Margin moved from 43% (deep-dive-2026-08-10.md) to 20% (deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteRevenue figure revised: $60,801M → 26%Revenue moved from $60,801M (deep-dive-2026-08-10.md) to 26% (deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteVerdict changed: "The buildout stopped being paid for by the ad business and started being paid for by the capital markets — buyback to zero, $84B of debt, $10.8B of cash escrowed, a $14B campus move…Before (deep-dive-2026-08-10.md): "The buildout stopped being paid for by the ad business and started being paid for by the capital markets — buyback to zero, $84B of debt, $10.8B of cash escrowed, a $14B campus moved 80% off balance sheet, and free cash flow of $784 million. Meta Compute is now real as an organisation, a partner and a 1GW asset, and still zero as a revenue line." After (deep-dive-2026-10-27.md): "The Q3 print moved the funding of the buildout from debt to equity. Capex kept rising ($34.91B, +12% q/q, guide floor raised to $135B), free cash flow went negative (−$2.12B), Meta crossed into net debt for the first time ($1.2B), and within a week it created a non-voting Class C share 'for capital raising' and priced $37.5B of new equity (a $25.0B forward sale of Class A at $625 plus $12.5B of 6.50% mandatory convertible preferred). The ad business is still growing 26%; a $9.89B youth-litigation charge took reported operating margin to 20%."dossier
2026-10-27editorial noteRevenue figure revised: $19.3B → $90BRevenue moved from $19.3B (deep-dive-2026-09-11.md) to $90B (deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteVerdict changed: The Q1 FY27 print settles the two questions the July dossier could not — and both settle against the received narrative in opposite directions. The backlog is NOT lengthening (the ne…Before (deep-dive-2026-09-11.md): The Q1 FY27 print settles the two questions the July dossier could not — and both settle against the received narrative in opposite directions. The backlog is NOT lengthening (the near-term conversion share has ticked UP for three straight quarters; the lengthening was a single step-change in Q1 FY26 when the mega-contracts landed, not a trend), while the FUNDING has decisively changed character: $11.4B of the record $23.1B operating cash flow is customer credit Oracle itself books interest expense on, and capex at 1.48x revenue runs 3-5.5x every hyperscaler even after the finance-lease adjustment that usually closes such gaps. Oracle is not out-spending its peers as a share of revenue; it is spending a different KIND of money. After (deep-dive-2026-10-27.md): The Q1 FY27 10-Q — which filed the same day the prior dossier was written and so is NOT reflected in it — confirms the release and adds four things the release did not carry. The backlog kept shortening (13% of RPO now converts in twelve months, 37% in months 13–36). Off-balance-sheet commitments grew again: $288B of data-centre leases not yet commenced (from $260B) and $34.2B of unconditional purchase obligations (from $13.3B). The $20B ATM is now fully used. And the fair value of Oracle's $125.0B of notes fell to $105.7B, 84.6% of carrying value, from 89.3% at May 31. Nothing in the filings closes the RPO concentration gap.dossier
2026-10-26funding round424B5: 250,000,000 Series A mandatory convertible preferred depositary sharesPreliminary supplement: 250,000,000 Series A depositary shares, each 1/20 of a Series A Mandatory Convertible Preferred share, $50 per depositary share; underwriters' option for 37,500,000 more. Dividend rate and proceeds not stated.agent:company-events · SEC EDGAR 424B5
2026-10-26funding round424B5: $22.5bn Class A common stock offering via forward sellersPreliminary supplement: $22,500,000,000 of Class A common stock through forward sellers; underwriters' option for $3,375,000,000 more; last sale price $642.62 on 23 Oct 2026; cornerstone investors indicated up to $5.0bn.agent:company-events · SEC EDGAR 424B5
2026-10-22filing10-Q: Meta Platforms, quarter ended 30 Sep 2026, revenue $64.60bnParent Meta Platforms Q3 2026 revenue $64,601M (+26%); net income $9,860M, $3.83 diluted EPS; includes a $9.89bn charge for a state attorneys general youth-related litigation agreement.agent:company-events · SEC EDGAR 10-Q
2026-10-22filing10-Q: quarter ended 30 Sep 2026, revenue $64.60bnQ3 2026 revenue $64,601M (+26%); net income $9,860M, $3.83 diluted EPS; includes a $9.89bn charge for a state attorneys general youth-related litigation agreement. Nine months revenue $181,712M, net income $52,481M.agent:company-events · SEC EDGAR 10-Q
2026-10-21guidance8-K 2.02: Meta Platforms Q3 2026 revenue $64.60bn; Class C stock approvedParent Meta Platforms Q3 2026 revenue $64.60bn, net income $9.86bn, $3.83 diluted EPS. Board approved non-voting Class C stock (effective 19 Jan 2027) and a one-time stock dividend.agent:company-events · SEC EDGAR 8-K
2026-10-21guidanceMeta reports Q3 2026 revenue of $64.6B; Class C stock approvedQ3 2026 revenue $64,601M, net income $9,860M, diluted EPS $3.83, including a $9.89B charge for a state attorney general agreement. Board approved Class C non-voting stock and a one-time stock dividend; Founder Alignment Agreement dated 20 Oct 2026.agent:company-events · SEC EDGAR 8-K
2026-10-19filingForm 4s: 9 insiders reported RSU grants on 15 Oct 20269 insiders filed Form 4s, each reporting a restricted stock unit grant (code A) and no open-market trades: 1,747,608 RSUs in total, vesting in installments from 15 Oct 2027.agent:company-events · SEC EDGAR Form 4
2026-10-14filingCoreWeave: 3 insiders filed Form 4s, RSU settlements and sales3 insiders filed Form 4s 6-13 Oct 2026: 44,232 Class A shares acquired via RSU settlement or vesting; 59,962 sold at $77.18-$88.60 (10b5-1 and tax-withholding sales).agent:company-events · SEC EDGAR Form 4

Dated ahead

Dated catalysts ahead
DateCompanyPeriodFirmness
2026-10-28Alphabet GOOGL2026-Q3expected
2026-10-28Microsoft MSFT2026-Q3confirmed
2026-10-28Amazon (AWS) AMZN2026-Q3expected
2026-10-29Microsoft MSFT2026-Q3expected
2026-10-29Alphabet GOOGL2026-Q3expected
2026-11-02Amazon (AWS) AMZN2026-Q3expected
2026-11-09CoreWeave CRWV2026-Q3expected
2026-11-11CoreWeave CRWV2026-Q3expected
2026-12-11Oracle ORCL2026-Q4expected