Week ending 9 October 2026
Nasdaq 100: +0.24%
S&P 500: +1.15%
My portfolio: −0.11%
Market pulse
American equities finished a volatile week higher, although gains were uneven. The Nasdaq 100 advanced 0.24%, while the S&P 500 gained 1.15%. Easing oil concerns, relief in Treasury yields and optimism ahead of earnings supported the early-week rally, taking the S&P 500 to a record closing high on Tuesday. Renewed pressure on bonds and semiconductor shares interrupted that momentum before Friday’s rebound.
AI investment remained central to market sentiment, but confidence became more selective. Thursday’s report that OpenAI’s annualised revenue was lower than previously indicated prompted renewed questions about the revenues supporting enormous infrastructure commitments. Differences in how the figures were measured complicated the comparison, but the report still triggered selling across semiconductor shares. Palantir and Alibaba moved in the opposite direction as bullish analyst calls strengthened confidence in their AI growth and profitability prospects.
Oil repeatedly disrupted the market’s advance. Brent crude rose 4.1% to $104.28 on Thursday as Middle Eastern shipping risks combined with production shutdowns ahead of Hurricane Isaias in the U.S. Gulf. Trump’s comments about productive discussions with Iran and avoiding attacks before the midterm elections provided some relief, helping oil retreat from its intraday highs. Energy costs nevertheless remained elevated, leaving a continuing threat to inflation and corporate margins.
Crowd vs. price
The week highlighted how differently investors valued the various parts of the AI investment story. Palantir and Alibaba benefited from greater confidence in future growth and profits, while semiconductor holdings faced tougher questions about financing, capacity and the durability of exceptional earnings. Samsung’s record profit forecast was insufficient to lift its shares, and a sharply higher analyst target offered Micron only temporary support. Investors remained willing to pay for AI growth, but expectations about how spending would translate into lasting profits increasingly determined which companies were rewarded.
Holdings & Watchlist Notes
Palantir: +10.75%
Palantir advanced as two bullish analyst calls strengthened confidence in its AI growth prospects. Goldman Sachs upgraded the shares to Buy on Thursday while retaining its $230 price target, citing opportunities in customised applications and AI systems that allow customers to retain control of their data. Barclays subsequently initiated Overweight coverage with a $265 target, helping the stock rise 5.17% on Friday. The calls reinforced expectations that Palantir could expand its role among government and commercial customers seeking to apply AI to their own operations.