# Daily Fintech News — October 29, 2026 > Daily brief on markets, macro, banking, chips and AI infrastructure. Published October 29, 2026 at 7:00 PM ET by Daily Fintech News. Canonical HTML: https://dailyfintechnews.com/brief/fintech/2026-10-29 **Entities covered:** Alphabet Inc., Microsoft, Amazon, Intel, Canada, Nvidia, China, Anthropic, SpaceX --- ## 1. Alphabet Shares Plunge ~13% in Worst Day Ever After Q3 Earnings Disappoint *Section: Earnings · Source: WSJ · Tickers: $GOOGL* Alphabet is on course to shed more than $500 billion in market value — the second-largest one-day loss for any U.S. company ever — after Q3 revenue came in lighter than expected, with core search growth slowing as less-profitable 'AI mode' searches gain share. Free cash flow also fell short as the company burned cash faster on its AI buildout. - $GOOGL close: $283.82 (-12.64%) Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-1 ## 2. Microsoft Quarterly Profit Soars as Cloud Growth Accelerates *Section: Earnings · Source: WSJ · Tickers: $MSFT* Microsoft reported higher profit as Azure and overall cloud growth accelerated, helping ease investor jitters about the returns on its massive AI build-out. - $MSFT close: $530.14 (-0.16%) Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-2 ## 3. ServiceNow Tumbles ~20% as Soft Guidance Overshadows AI Push *Section: Earnings · Source: WSJ · Tickers: $NOW* ServiceNow was the worst-performing stock in the S&P 500 after posting its first earnings-per-share miss in six quarters and a light fourth-quarter revenue outlook, overshadowing a raised full-year subscription/AI target. Revenue still rose about 20% to $4.11 billion. - $NOW close: $109.67 (-26.95%) Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-3 ## 4. Fortinet Slides ~20% as Billings Growth Disappoints *Section: Earnings · Source: WSJ · Tickers: $FTNT* Fortinet shares dropped sharply even after an earnings beat, as weaker-than-hoped billings growth spooked investors; Q3 revenue climbed about 20% to $2.08 billion with adjusted EPS of $0.91. The slide dragged other enterprise-software names lower. - $FTNT close: $139.10 (-20.09%) Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-4 ## 5. DoorDash to Buy Instacart for $17 Billion *Section: M&A · Source: WSJ · Tickers: $CART, $DASH* DoorDash agreed to acquire Instacart for roughly $17 billion — $65.00 per share, a 26% premium to Instacart's Oct. 22 close — uniting two delivery giants to take on Walmart and Amazon in grocery. DoorDash shares jumped more than 8% premarket on the news. - $DASH close: $179.00 (+5.61%) Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-5 ## 6. Microsoft Preps First Bond Sale Since 2017, Eyeing at Least $25 Billion *Section: Markets · Source: Bloomberg · Tickers: $MSFT* Microsoft is preparing its first U.S. bond offering since 2017, seeking at least $25 billion, as it turns to the debt markets to help finance its surging AI and data-center capital spending. - $MSFT close: $530.14 (-0.16%) Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-6 ## 7. Samsung Shares Slump on Delay to Shareholder-Return Plan Despite Record Chip Quarter *Section: Chips · Source: Bloomberg · Tickers: $SSNLF* Samsung Electronics, the world's largest memory-chip maker, offered a bullish outlook on AI-driven memory demand and posted another near-record quarter, but shares slid after the company hiked AI spending and offered scant detail on investor returns, dashing hopes for a bigger shareholder payout. - $SSNLF close: $65.21 (+0.00%) Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-7 ## 8. Besi Shares Jump ~8% After Applied Materials Lifts Stake to 20% *Section: Chips · Source: WSJ · Tickers: $AMAT* Be Semiconductor Industries stock rose more than 8% after chip-equipment maker Applied Materials said it would increase its stake in the company to 20% of outstanding shares, deepening a tie-up in advanced chip-packaging tools used for AI processors. - $AMAT close: $421.66 (+1.36%) Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-8 ## 9. STMicro Forecasts Return to Growth as Chip Demand Recovery Continues *Section: Chips · Source: Bloomberg · Tickers: $STM* STMicroelectronics projected a return to growth, telling investors that demand across its chip end-markets is recovering, a more upbeat signal for the broader semiconductor cycle after a prolonged downturn. - $STM close: $49.99 (+3.03%) Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-9 ## 10. AI Assistant Startup Wabi Raises $55 Million at $1.25 Billion Valuation *Section: AI · Source: Bloomberg* Wabi, an AI assistant startup, raised $55 million in a funding round that values the company at $1.25 billion, underscoring continued investor appetite for consumer-facing AI application startups even amid broader AI-trade jitters. Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-10 ## 11. Kalshi Reaches $40 Billion Valuation in New Funding Round *Section: Fintech · Source: WSJ* Prediction-market exchange Kalshi raised a new funding round that lifts its valuation to roughly $40 billion, a sharp markup for the fast-growing event-contracts platform as trading volumes and investor interest in prediction markets surge. Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-11 ## 12. Amazon Shares Slide After Q3 Miss and Soft Holiday Forecast, Even as Cloud Growth Hits a Five-Year High *Section: Earnings · Source: WSJ · Tickers: $AMZN* Amazon fell in after-hours trading after Q3 revenue of about $201.9 billion (up 12%) missed Wall Street and its holiday-quarter sales forecast disappointed, overshadowing AWS cloud growth that was the fastest in roughly five years. Free cash flow plunged as the company spent heavily on its AI build-out. - $AMZN close: $243.79 (-4.25%) Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-12 ## 13. Intel Stock Tumbles ~17% on Weak Q4 Guidance Despite a Q3 Beat *Section: Earnings · Source: WSJ · Tickers: $INTC* Intel beat on Q3 revenue of about $16.51 billion (up roughly 21% year over year) and adjusted EPS of 52 cents (vs. 40 cents expected) but guided fourth-quarter sales and margins well below expectations, blaming a PC slowdown and supply constraints, sending shares down about 17% after hours. - $INTC close: $92.07 (-3.62%) Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-13 ## 14. Roblox Falls ~11% as Bookings Outlook Disappoints and Users Miss Estimates *Section: Earnings · Source: Bloomberg · Tickers: $RBLX* Roblox dropped about 11% after hours after Q3 revenue of $1.57 billion missed the $1.63 billion estimate and its bookings outlook came in soft, even with 138 million daily active users and a hit game ('Steal An Egg'). The company posted a net loss of about $230 million. - $RBLX close: $52.46 (-1.54%) Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-14 ## 15. Corning Profit Surges on AI Optical Demand as Q3 Sales Jump 19% *Section: Earnings · Source: WSJ · Tickers: $GLW* Corning reported Q3 revenue up 19% and net income up about 80% to $532 million as optical-communications sales surged 44% on booming AI data-center demand. The company guided fourth-quarter revenue to roughly $5.2–5.3 billion. - $GLW close: $128.88 (-1.77%) Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-15 ## 16. Canada and Nvidia Back Cohere's Series E at a ~$20.5 Billion Valuation *Section: AI · Source: Bloomberg* Canadian AI company Cohere is raising a Series E of up to C$7 billion (about $5 billion) at a roughly $20.5 billion pre-money valuation — about triple its worth a year ago — with the Government of Canada taking a stake of around $1.6 billion alongside Nvidia, Germany's Schwarz Group and telecom BCE. Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-16 ## 17. Sebastian Thrun's AI Engineering Startup Dulo Raises $130 Million Seed *Section: AI · Source: The Information* Google and Waymo veteran Sebastian Thrun and co-founder Adrian Aoun raised a $130 million seed round for Dulo, a San Francisco startup building AI foundation models for hardware design, with backing from former Google CEO Eric Schmidt and Kleiner Perkins chairman John Doerr. Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-17 ## 18. Reddit Shares Sink ~13% After Hours Despite Q3 Beat, on Soft Guidance and Login-Requirement Test *Section: Earnings · Source: CNBC · Tickers: $RDDT* Reddit topped estimates with Q3 revenue up 53% to $895 million and net income up 74% to $283 million (adjusted EPS $1.40 vs. $1.33 expected), but shares fell about 12-13% after hours on weaker-than-hoped Q4 sales guidance and plans to test a login requirement as Google search-referral traffic to the site shrinks. - $RDDT close: $129.60 (-3.79%) Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-18 ## 19. Pinterest Falls ~14% After Q3 Revenue and Profit Miss and Soft Q4 Outlook *Section: Earnings · Source: CNBC · Tickers: $PINS* Pinterest reported Q3 revenue of $1.17 billion, up 12% but short of the ~$1.21 billion expected, with GAAP net income down about 77% to $21.5 million and adjusted EBITDA of $339 million. A below-consensus Q4 outlook and rising costs (cost of revenue up 23% as it adds GPUs) sent shares down roughly 14% after hours, even as users hit a record. - $PINS close: $19.92 (-4.78%) Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-19 ## 20. Sandisk Profit Soars as AI Demand Drives NAND Prices; Revenue Up 378%, Announces 8-for-1 Split *Section: Earnings · Source: WSJ · Tickers: $SNDK* Sandisk's fiscal Q1 revenue soared to $11.03 billion from $2.31 billion a year earlier (up 378%), beating the ~$10.72 billion expected, with adjusted EPS of $49.51 topping estimates as AI data-center demand drove a NAND flash pricing surge; data-center revenue hit $4.8 billion. The company guided next-quarter revenue to $12.2-12.6 billion, said long-term orders now extend to 2030, and announced an 8-for-1 stock split. - $SNDK close: $1330.05 (-5.32%) Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-20 ## 21. Behind DeepSeek's $16 Billion Funding: Chinese Tech Titans and State Players *Section: AI · Source: The Information* Chinese AI model developer DeepSeek's nearly $16 billion funding round this month drew a who's who of Chinese tech investors alongside some of the country's most powerful state-backed institutions, according to details obtained by The Information. It was only the three-year-old company's second fundraising; DeepSeek had eschewed outside capital until its first raise in April. Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-21 ## 22. Indian AI Firm Seeks $3 Billion Financing for Nvidia Chips Order *Section: AI · Source: Bloomberg* An Indian artificial-intelligence company is seeking roughly $3 billion in financing to fund a large order of Nvidia AI chips, underscoring the capital intensity of AI data-center buildouts outside the US and the lengths to which newcomers are going to secure scarce accelerator supply. Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-22 ## 23. Anthropic Revealed as SpaceX's Largest Customer, ~$3 Billion-a-Month 'Customer B' *Section: AI · Source: Bloomberg* Bloomberg reported that Anthropic is the mystery 'Customer B' disclosed in a SpaceX filing that accounted for about 34.5% of SpaceX's revenue last quarter, a compute-related arrangement worth roughly $3 billion a month (rising to about $3.1 billion monthly starting in December). The scale makes the AI lab SpaceX's single largest revenue source, surpassing the US government. Permalink: https://dailyfintechnews.com/brief/fintech/2026-10-29#item-23 --- ## Questions this brief answers **What did Alphabet Inc. report for the quarter?** Alphabet is on course to shed more than $500 billion in market value — the second-largest one-day loss for any U.S. company ever — after Q3 revenue came in lighter than expected, with core search growth slowing as less-profitable 'AI mode' searches gain share. **What did Microsoft report for the quarter?** Microsoft reported higher profit as Azure and overall cloud growth accelerated, helping ease investor jitters about the returns on its massive AI build-out. **Why did ServiceNow fall?** ServiceNow was the worst-performing stock in the S&P 500 after posting its first earnings-per-share miss in six quarters and a light fourth-quarter revenue outlook, overshadowing a raised full-year subscription/AI target. **Why did Fortinet fall?** Fortinet shares dropped sharply even after an earnings beat, as weaker-than-hoped billings growth spooked investors; Q3 revenue climbed about 20% to $2.08 billion with adjusted EPS of $0.91. **How much is DoorDash to paying to acquire Instacart?** DoorDash agreed to acquire Instacart for roughly $17 billion — $65.00 per share, a 26% premium to Instacart's Oct. 22 close — uniting two delivery giants to take on Walmart and Amazon in grocery. **What did Microsoft announce on October 29, 2026?** Microsoft is preparing its first U.S. bond offering since 2017, seeking at least $25 billion, as it turns to the debt markets to help finance its surging AI and data-center capital spending. --- ## More from Daily Fintech News - Previous brief: [October 28, 2026 — Amazon Lists 250 Million Products From Rival Sites to Battle AI Shopping Agents](https://dailyfintechnews.com/brief/fintech/2026-10-28) - Next brief: [October 30, 2026 — Big Tech Selloff Deepens as AI-Spending Fears Grip Wall Street](https://dailyfintechnews.com/brief/fintech/2026-10-30) - Also covers Alphabet Inc., Amazon, Anthropic: [September 15, 2026 — Clarity Act Crypto Bill Fails to Advance in Senate; Coinbase, Circle Slide](https://dailyfintechnews.com/brief/fintech/2026-09-15) - Also covers Alphabet Inc., Amazon, Anthropic: [September 8, 2026 — Palantir names Nebius its preferred sovereign AI infrastructure partner](https://dailyfintechnews.com/brief/fintech/2026-09-08) - Also covers Alphabet Inc., Amazon, Anthropic: [September 21, 2026 — Nasdaq Closes at Record as Chip and AI Stocks Rally](https://dailyfintechnews.com/brief/fintech/2026-09-21) - [All briefs](https://dailyfintechnews.com/brief/fintech) *Source: Daily Fintech News (https://dailyfintechnews.com). 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