Indexes: Waiting Game Ahead of Alphabet Results

US equity index futures are trading mixed this Wednesday, as investors await much-anticipated results from Alphabet, while the tech sector remains under pressure.

• Nasdaq 100: -0.19%
• S&P 500: +0.01%
• Dow Jones: +0.18%

Rates: Broad-Based Rise in Bond Yields

US Treasury yields continue to climb, reflecting still-cautious market expectations on inflation and monetary policy.

• 10-year: +0.8 bps to 4.28%

• 30-year: +0.3 bps to 4.90%

• 2-year: +0.6 bps to 3.58%

Today's Winners

• Enphase Energy (ENPH) +21%: Q4 results beat expectations despite a drop in revenue (-10% Y/Y). Q1 guidance reassures, especially with strong gross margins (40–43% GAAP).

• Digital Turbine (APPS) +20%: Strong adjusted EBITDA growth (+76% Y/Y) in Q3. FY2026 outlook above consensus.

• Super Micro Computer (SMCI) +7%: Q2 numbers and guidance above expectations. The company also raises its annual outlook to $40B from $36B previously.

• Take-Two Interactive (TTWO) +5%: Q3 net bookings rebound and FY2026 outlook raised. GTA VI launch confirmed for November 19.

Today's Losers

• AMD (AMD) -8%: Shares punished despite solid results and guidance. The market is concerned about valuation and the revenue mix, notably in China.

• Chipotle (CMG) -6%: Despite beating profit estimates, comparable sales fell (-2.5%) in Q4, affected by lower foot traffic.

🪙 Crypto: Burry Warns of Possible Bitcoin Crash

Michael Burry sounds the alarm: according to him, Bitcoin’s decline could worsen and lead to a “death spiral” with systemic effects. He believes the asset hasn't proven to be a safe haven and that further drops could threaten the balance sheets of companies heavily exposed, such as Strategy Inc.

• Bitcoin (BTC): rebounds to $76,036 after a recent low at $72,877

• Ether (ETH): +1.4% to $2,258.7

Crypto stocks to watch: MSTR, COIN, RIOT, MARA, CLSK, HIVE, IREN...

Tech & Software: Wave of Downgrades from Piper Sandler

Piper Sandler analyst has downgraded ratings on Adobe (ADBE), Freshworks (FRSH) and Vertex (VERX), citing a structural slowdown in the sector. The culprit: the rise of AI, which reduces demand for traditional “per user” software.

Top picks despite everything: Microsoft (MSFT) and ServiceTitan, seen as best positioned in the current AI cycle.

---