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Alphabet Dropped 10% in Premarket Trading After Reporting a $9.07 Billion Free Cash Flow Deficit

Alphabet's third-quarter free cash flow was negative $9.07 billion, but a $5.2 billion EU fine and a TPU inventory build explain most of it, and fourth-quarter capex is the larger risk.

By Scott Allan · 22h ago · 3 min read

Business

PayPal Raised Its 2026 Earnings Forecast to About $5.60 a Share as Third-Quarter Adjusted Net Income Fell 3%

PayPal raised its 2026 adjusted EPS forecast to about $5.60, but third-quarter EPS growth of 8% came from…

1d ago

Business

Microsoft Opens a Voluntary Exit Offer to a Reported 60,000 Employees Ahead of Earnings

Microsoft's exit-offer memo never mentions AI or capital spending, and a generous reading of its 10-K puts the…

2d ago

Markets

Stocks, indices, and the macro tape

Overhead photo of a J.B. Hunt quarterly earnings report, a spreadsheet with circled figures, coffee, a fuel receipt and a model intermodal container on a wooden desk

Jobs & Labour

J.B. Hunt’s $50 Million Third-Quarter Cost Jump Came From Drivers and Claims, Not Diesel

J.B. Hunt earned $1.82 a share, a penny above its lowered range. Costs rose…

By Scott Allan · Oct 16

Dashboard composite with the Penske and Mitsui & Co. logos, a 64% to 36% ownership bar and a price line leveling off at $212

Business

Mitsui Will Supply Most of the Equity to Take Penske Automotive Private at $212 a Share

Penske Automotive goes private at $212. Mitsui's filing shows it supplies $1.6 billion of…

By Scott Allan · Oct 16

Close-up of a data-center GPU server tray with a CoreWeave nameplate, copper cooling pipes and a heatsink behind it

Does CoreWeave’s $104 Billion Backlog Cover Its Debt Now That Its Bonds Yield Nearly 15%?

CoreWeave's CEO says its $104 billion backlog more than covers its debt. Its Q2…

By Scott Allan · Oct 15

Overhead view of a desk with stapled settlement papers, a fountain pen, a white dry-powder inhaler, coffee, a calculator and two cards printed with the Liquidia and United Therapeutics logos

Business

$380.7 Million Ends Liquidia’s Six Lawsuits With United Therapeutics and Lifts Its Stock More Than 40%

Liquidia's $380.7 million settlement is a net figure: United Therapeutics also pays to end…

By Scott Allan · Oct 14

Artificial Intelligence

The race to build — and regulate — intelligent machines

$300 Million in AI Savings Is How C.H. Robinson Plans to Pay for Its $5.8 Billion RXO Deal

C.H. Robinson's $300 million savings target for RXO is nearly three times RXO's 2025 adjusted EBITDA, about $32,500 for each of its 9,218 workers.

By Scott Allan · Oct 7

Technology

Product, platform, and the shape of the Internet

Business

$6.1 Billion From GTCR and Elliott Buys CCC Intelligent Solutions for Less Than Its SPAC Valuation

GTCR and Elliott will pay $7.75 a share for CCC, four cents below Advent's…

By Scott Allan · Oct 16

Illustration of emptied glass-door chiller cabinets in a supermarket, a worker pushing crates of discarded food, and a wall-mounted Danfoss refrigeration controller with a red alarm light.

Business

Hackers Defrosted Freezers at Hundreds of French Supermarkets, and the Manufacturer Had Logged Earlier Hacks of the Same Controller

Hackers heated freezers at hundreds of French supermarkets to 50C. A Danfoss bulletin from…

By Scott Allan · Oct 13

Close-up illustration of two DDR5 server memory modules on a green circuit board, one with Samsung-branded chips and one with SK hynix-branded chips.

Markets

South Korea’s KOSPI Fell 5.5% as Samsung and SK Hynix Sold Off on a Chinese Rival’s Memory Roadmap

The KOSPI closed down 5.46% at 6,035.35 as Samsung fell 7.39% and SK Hynix…

By Scott Allan · Oct 13

Jobs & Labour

The Labor Department Froze Green Card Filings at Microsoft and Seven Other Employers

Vance's claim that Microsoft replaced each laid-off worker with 1.5 foreign workers counts H-1B…

By Scott Allan · Oct 9

M&A

SpaceX’s Airwaves Purchase Knocked 6% Off AT&T, Verizon and T-Mobile, Not Off Their Tower Landlords

SpaceX is buying the 800 MHz band T-Mobile sold to Grain Management in August…

By Scott Allan · Oct 9

Markets

Micron’s Taiwan Union Voted 99% to Authorize a Strike. Samsung and SK Hynix Already Gave Ground.

Micron's Taoyuan union voted 99% to authorize a strike. Its 15% profit-share ask is…

By Scott Allan · Oct 8

Business

Deals, earnings, and corporate strategy

Business

Meta Approved a Non-Voting Share Class as It Reported Negative Free Cash Flow of $2.12 Billion

Meta approved non-voting Class C shares as third-quarter free cash flow fell to negative $2.12 billion.

By Scott Allan · Oct 22

Live Now

Streaming markets and news, on air 24/7.

Charts

Our Bitcoin Live Chart Gets Major Upgrade: Learn How To Read the Indicators

The Tape

Every major index, currency, commodity, and the 20 biggest cryptos — all on one page.

Open the Tape →

Opinion & Analysis

Arguments, essays, and deep dives

Scott Allan Opinion

UnitedHealth Beat Estimates by 55 Cents and Raised Its 2026 Outlook. A $610 Million Reserve Release Did Much of the Work.

UnitedHealth earned $4.69 a share against a $4.14 estimate and lifted its 2026 floor to $20.50. Its release shows $610 million of reserve development.

Scott Allan Opinion

Robert Hall and Michael Woodford Win the Nobel in Economics, an Award for the Models Central Banks Use to Set Rates

Scott Allan Opinion

PepsiCo Cut Its 2026 Profit Forecast, a Downgrade Made Despite a Tariff-Refund Boost

Crypto

Digital assets, tokenization, and the on-chain economy

Business

Ledger’s Spy-Chip Wallets Came From an Authorized Reseller, Not a Gray Market

Ledger's own reseller page still lists CryptoBilis. Bitquery counts $102 million drained from 324 wallets, and Ledger has halted sales in seven…

Oct 14

Policy

Regulation, geopolitics, and capital in Washington

Policy

After Japan Agreed to Pay for Two New York Chip Fabs, Washington Took Another 4% of GlobalFoundries

Japan pays up to $21 billion for two GlobalFoundries-run fabs in New York. Washington adds no cash, collects up to 90% of…

Oct 15

Cloud & Infrastructure

Data centers, chips, and the plumbing of AI

Cloud & Infrastructure

BlackRock and IFM Near a $25 Billion Deal for Stack’s Asia-Pacific Data Centers

A BlackRock-backed consortium is in exclusive talks for Stack's Asia-Pacific data centers at up…

By Scott Allan · Sep 25

Macro photograph of a Cornelis Networks switch chassis with a dense row of fibre optic transceiver ports lit teal and amber, cables running out of frame

To Break Nvidia’s Grip on AI Networking, Cornelis Raised $205 Million on a Figure It Modeled Itself

Cornelis raised $205 million to attack Nvidia's interconnect lock-in. The $1.68 billion waste figure…

By Scott Allan · Sep 16

Cloudflare’s New Crawler Rules Grade Microsoft on a Control That Ships in 2027

Cloudflare's Accountable designation decides which AI crawlers keep reading your site. Microsoft holds it…

By Scott Allan · Sep 16

Close up of a copper transformer winding and switchgear busbar with a brushed steel nameplate reading Fluidstack

The Pentagon Wants to Lend $5 Billion to an AI Cloud Startup. None of It Would Build a Data Center.

The Office of Strategic Capital would make its largest ever loan to Fluidstack, funding…

By Scott Allan · Sep 14

Microsoft Plans to Triple Its Data Center Fleet by 2032, and the Number Came From Nobody at Microsoft

Microsoft's reported 38 gigawatt capacity target has been written up as an announcement. The…

By Scott Allan · Sep 11

Analysis

Oracle’s $638 Billion Backlog Is a Funding Structure, Not a Sales Pipeline

Oracle reports first-quarter fiscal 2027 results on Thursday, and nearly every preview written this…

By Scott Allan · Sep 8

Economy

Inflation, employment, and the real economy

A brass balance scale with a stack of dollar bills outweighed by bread, eggs and a tomato, beside a plain pay envelope

Economy

Payrolls Missed by Roughly 60,000 in September, but the Real Damage Is in Wages

Employers added 29,000 jobs in September, but wages grew 3% against inflation near 3.4% while the Fed is still hiking. Why the…

Oct 5

01
Economy The 10-Year Treasury Yield Hit 5.34%, Its Highest Since 2002, and Mortgages Are Already Over 7%
Oct 2
02
Economy The Treasury Sold $70 Billion of Five-Year Notes at 5.033%. Primary Dealers Were Left Holding $11 Billion of Them.
Sep 24
03
Economy Everyone Reported Mortgage Rates Approaching 7%. The Daily Trackers Already Have Them Above It.
Sep 23

The Latest

Everything else across the newsroom

Business

Nasdaq Loses 4.5% in Its Worst Week Since June as CoreWeave’s Debt Rout Rattles AI Stocks

Oct 18

An OpenAI sign on a concrete lobby wall with an oak bench, a fig tree and a blurred passer-by near the windows

AI Policy

Eight States Sued OpenAI Over ChatGPT’s Harm to Children. Iowa Also Wants Its Advanced Model Testing Stopped.

Oct 15

Markets

Will Broadcom Guarantee the $50 Billion It Is Raising So OpenAI Can Buy Its Chips?

Oct 9

A glass sample bottle of dark crude oil next to a worn gasoline pump nozzle on a white studio backdrop, with a drop of oil on the paper

Energy

After the White House Asked for Iran Strike Options Before the Midterms, Brent Jumped Past $104

Oct 8

Close-up of a cold Modelo Especial bottle with condensation, stacked beer cases on a warehouse pallet blurred behind it

Analysis

Constellation Brands Beat on a Distributor Restock, and Drinkers Bought Less Modelo

Oct 7

Schneider Electric and PTC logos on a dark trading-desk display, joined by a cracked light line between a falling red chart and a rising green chart

Analysis

Schneider Electric Shed €15 Billion in Market Value Agreeing to Buy PTC for $22.6 Billion

Oct 6

Data center aisle with Seagate and Western Digital drive trays in the foreground and a Toshiba tray with a pallet of boxed drives in the centre

Markets

Toshiba’s $380 Million Hard Drive Plan Knocked 14.6% Off Seagate

Oct 5

Business

After a Record 141 Deals of $100 Million or More, Accenture Stock Closed Up 16%

Oct 2

Markets

Cboe’s Exclusive S&P 500 Options License, Extended to 2051, Carries a Royalty Reset Nobody Has Priced

Oct 2

Overhead view of a desk with report pages, a newspaper and a tablet showing the FTC seal beside the Anthropic and OpenAI logos

The FTC Opened a Probe Into OpenAI, Anthropic and METR. Anthropic’s Prospectus Saw It Coming.

Oct 1

Markets

$32 Billion in Customer Deposits Sits Behind the Micron Capex Plan That Spooked Investors

Oct 1

Healthcare Technology

Kodiak’s Zenkuda Matched Eylea in Phase 3, a Win Against the Dose Regeneron Is Already Leaving Behind

Sep 29

Alphabet Dropped 10% in Premarket Trading After Reporting a $9.07 Billion Free Cash Flow Deficit

PayPal Raised Its 2026 Earnings Forecast to About $5.60 a Share as Third-Quarter Adjusted Net Income Fell 3%

Microsoft Opens a Voluntary Exit Offer to a Reported 60,000 Employees Ahead of Earnings

J.B. Hunt’s $50 Million Third-Quarter Cost Jump Came From Drivers and Claims, Not Diesel

Mitsui Will Supply Most of the Equity to Take Penske Automotive Private at $212 a Share

Does CoreWeave’s $104 Billion Backlog Cover Its Debt Now That Its Bonds Yield Nearly 15%?

$380.7 Million Ends Liquidia’s Six Lawsuits With United Therapeutics and Lifts Its Stock More Than 40%

$300 Million in AI Savings Is How C.H. Robinson Plans to Pay for Its $5.8 Billion RXO Deal

How Much of Google’s 3.6-Gigawatt Constellation Energy Deal Is New Power for the PJM Grid?

Anthropic Disclosed Up to $84.5 Billion in SpaceX Compute Deals. Most Can Be Ended on 90 Days’ Notice.

Why Did Synopsys Jump 4.8% on Amazon and OpenAI Deals With One Disclosed Number?

$6.1 Billion From GTCR and Elliott Buys CCC Intelligent Solutions for Less Than Its SPAC Valuation

Hackers Defrosted Freezers at Hundreds of French Supermarkets, and the Manufacturer Had Logged Earlier Hacks of the Same Controller

South Korea’s KOSPI Fell 5.5% as Samsung and SK Hynix Sold Off on a Chinese Rival’s Memory Roadmap

The Labor Department Froze Green Card Filings at Microsoft and Seven Other Employers

SpaceX’s Airwaves Purchase Knocked 6% Off AT&T, Verizon and T-Mobile, Not Off Their Tower Landlords

Micron’s Taiwan Union Voted 99% to Authorize a Strike. Samsung and SK Hynix Already Gave Ground.

Meta Approved a Non-Voting Share Class as It Reported Negative Free Cash Flow of $2.12 Billion

Netflix Fell 6% After Hours as It Cut Its 2026 Ad Forecast to $2.7 Billion and Guided Fourth-Quarter Revenue Below Estimates

Silgan Buys Trivium Packaging for $3.4 Billion, Then Sells 40% of the Combined Business to American Industrial Partners

Indonesian Stocks Fell Another 5% on Monday After MSCI Proposed Demoting the Market to Standalone Status

Charts

The Tape

UnitedHealth Beat Estimates by 55 Cents and Raised Its 2026 Outlook. A $610 Million Reserve Release Did Much of the Work.

Robert Hall and Michael Woodford Win the Nobel in Economics, an Award for the Models Central Banks Use to Set Rates

PepsiCo Cut Its 2026 Profit Forecast, a Downgrade Made Despite a Tariff-Refund Boost

Ledger’s Spy-Chip Wallets Came From an Authorized Reseller, Not a Gray Market

After Japan Agreed to Pay for Two New York Chip Fabs, Washington Took Another 4% of GlobalFoundries

BlackRock and IFM Near a $25 Billion Deal for Stack’s Asia-Pacific Data Centers

To Break Nvidia’s Grip on AI Networking, Cornelis Raised $205 Million on a Figure It Modeled Itself

Cloudflare’s New Crawler Rules Grade Microsoft on a Control That Ships in 2027

The Pentagon Wants to Lend $5 Billion to an AI Cloud Startup. None of It Would Build a Data Center.

Microsoft Plans to Triple Its Data Center Fleet by 2032, and the Number Came From Nobody at Microsoft

Oracle’s $638 Billion Backlog Is a Funding Structure, Not a Sales Pipeline

Payrolls Missed by Roughly 60,000 in September, but the Real Damage Is in Wages

Nasdaq Loses 4.5% in Its Worst Week Since June as CoreWeave’s Debt Rout Rattles AI Stocks

Eight States Sued OpenAI Over ChatGPT’s Harm to Children. Iowa Also Wants Its Advanced Model Testing Stopped.

Will Broadcom Guarantee the $50 Billion It Is Raising So OpenAI Can Buy Its Chips?

After the White House Asked for Iran Strike Options Before the Midterms, Brent Jumped Past $104

Constellation Brands Beat on a Distributor Restock, and Drinkers Bought Less Modelo

Schneider Electric Shed €15 Billion in Market Value Agreeing to Buy PTC for $22.6 Billion

Toshiba’s $380 Million Hard Drive Plan Knocked 14.6% Off Seagate

After a Record 141 Deals of $100 Million or More, Accenture Stock Closed Up 16%

Cboe’s Exclusive S&P 500 Options License, Extended to 2051, Carries a Royalty Reset Nobody Has Priced

The FTC Opened a Probe Into OpenAI, Anthropic and METR. Anthropic’s Prospectus Saw It Coming.

$32 Billion in Customer Deposits Sits Behind the Micron Capex Plan That Spooked Investors

Kodiak’s Zenkuda Matched Eylea in Phase 3, a Win Against the Dose Regeneron Is Already Leaving Behind