Week Ending Friday, November 6, 2026

U.S. stocks reached the end of a turbulent week with technology shares attempting to recover from a sharp selloff, a stronger-than-expected October employment report complicating the interest-rate outlook, and artificial intelligence infrastructure emerging as a major political and economic flashpoint. Thursday’s decline pushed the Nasdaq Composite into correction territory, while Friday’s markets realized gains for the Nasdaq, S&P 500 and Russell 2000, alongside another decline for the Dow Jones Industrial Average. The week’s defining issue was execution. Demand for AI computing remained substantial, but many reassessed how quickly companies could translate financing, power availability, construction plans and customer commitments into operating revenue. Election-related concerns about data center restrictions added another layer of uncertainty to that calculation.

Friday Market Performance: Nasdaq Leads the Recovery

Friday’s recovery followed a punishing Thursday session in which the Nasdaq fell approximately 5.5%, the S&P 500 declined approximately 4.4%, and the Dow dropped approximately 3.4%. The Nasdaq finished Thursday more than 10% below its recent high, crossing the conventional correction threshold. The rebound therefore represented stabilization rather than a reversal of the week’s damage. Entering Friday, the Nasdaq was down approximately 4.4% for the week, the S&P 500 was down roughly 3%, and the Dow had declined approximately 0.5%. Those were pre-Friday readings, not final weekly returns.

October Jobs Report: Strong Hiring, Uneven Economic Security

The October employment report delivered a stronger headline than expected. U.S. employers added 165,000 jobs, compared with the approximately 59,000 anticipated before the release. The unemployment rate stood at 4.1%, while revisions increased combined August and September payroll gains by 84,000. Hiring also exceeded the average monthly gain of 48,000 over the preceding 12 months. Professional and business services added 70,000 positions, health care added 42,000, and transportation and warehousing added 25,000. Manufacturing employment increased by 19,000. The underlying picture, however, was less uniformly reassuring:

• Approximately 2 million people had been unemployed for at least 27 weeks, representing 27.6% of all unemployed people.
• The number working part time for economic reasons increased by 339,000 to 4.8 million.
• Labor force participation held at 61.9%.
• Average hourly earnings increased 0.4% for the month and 3.1% over the preceding year.

These figures describe an economy that continues to create jobs but does not provide an easy path back to work for everyone. Strong payroll growth and persistent long-term unemployment can coexist because the pace of hiring across the economy does not necessarily match the skills, locations or circumstances of people seeking work. That distinction matters for the consumer outlook. Employment growth supports aggregate income, while prolonged job searches and involuntary part-time work can constrain spending among affected households. The report offered evidence of resilience, but not evidence that financial pressure had disappeared.

Federal Reserve Outlook: Resilient Growth Complicates the Rate Debate

The Federal Reserve entered November with its federal funds target range at 3.75% to 4.00%, following its October 28 decision to leave rates unchanged. The central bank described economic activity as expanding at a strong pace and inflation as remaining elevated. Two policymakers dissented in favor of a quarter-point increase. October’s employment figures gave policymakers additional evidence that hiring had not stalled. Upward payroll revisions and a 0.4% monthly wage increase also complicated a straightforward argument for easier monetary policy, although one employment report cannot determine the next decision. The resulting tension is important for equity valuations. Strong economic activity can support corporate revenue, but persistent inflation and higher borrowing costs can reduce the value placed on profits expected far into the future. That tradeoff is particularly relevant for capital-intensive AI businesses whose spending precedes much of their anticipated cash generation. Friday showed the 10-year Treasury yield at 4.859%, up 2.2 basis points on the day. That level kept financing costs prominent in the market discussion even as technology shares recovered.

AI Data Centers Become a Political and Market Risk

The week’s technology selloff reflected more than concern about quarterly earnings. Following the midterm elections, many reassessed whether a less welcoming political environment could slow data center approvals and construction. Thursday’s selling spread across chipmakers, computing infrastructure providers and large technology companies. National Economic Council Director Kevin Hassett argued Friday that the administration still expected data center growth to continue. He said currently scheduled projects over the next couple of years were not affected by the ballot initiatives under discussion and suggested development could shift toward more receptive states. The competing interpretations are central to the AI outlook. Restrictions in one jurisdiction do not necessarily eliminate national demand, but relocating projects can introduce delays, additional costs and new requirements for transmission, water, permitting and local agreements. OpenAI Chief Financial Officer Sarah Friar separately said the company intended to continue investing in AI infrastructure to meet customer demand. She emphasized relationships with large cloud providers and the continued need to raise capita. The distinction is between demand and delivery. AI usage can keep growing while individual projects encounter financing or construction obstacles. For public companies exposed to the buildout, the timing of equipment deployment and customer revenue may matter as much as the scale of announced commitments.

IREN: Financing Progress Meets Revenue-Timing Questions

IREN (NASDAQ: IREN) illustrated both sides of the infrastructure story. A financing announcement dated October 28, providing context for the following week, detailed a $363 million equipment financing transaction with Wingspire Equipment Finance. The agreement refinanced deployed AI computing infrastructure, including GPU servers and networking systems, and returned capital that IREN (NASDAQ: IREN) could redeploy. The financing was secured principally by the equipment and supported by multiyear customer contracts. Separately, the company’s fiscal first-quarter update showed revenue of $228 million, compared with $137 million in the preceding quarter. However, more than $4 billion in projected annual recurring revenue previously expected during 2026 was delayed until at least January 2027. Together, those developments highlight a key distinction: access to financing does not guarantee that revenue begins on the original schedule. Refinancing operating equipment can improve liquidity, while delayed customer revenue can still affect the timing of returns on that capital. For many following AI infrastructure, the most useful measures are therefore becoming more specific: equipment installed, power available, customer acceptance achieved and contracted revenue actually commencing.

Tesla Shifts Its Texas Manufacturing Priorities

Tesla (NASDAQ: TSLA) added a separate strategic development to the week’s news. Elon Musk said the company planned to wind down Cybertruck production at its Texas factory around the middle of 2027 to make room for increased Cybercab robotaxi production. He did not identify an alternative Cybertruck manufacturing location. The proposed change would redirect manufacturing capacity toward a product central to Tesla’s (NASDAQ: TSLA) autonomous transportation ambitions. It also places greater emphasis on the company’s ability to turn those ambitions into dependable production and commercial operations. The important distinction is between a manufacturing plan and a completed business transition. Reallocating factory space can establish priorities, but it does not by itself resolve the operational and regulatory requirements associated with scaling a robotaxi business.

SpaceX: Ambitious Revenue Targets Require Careful Comparisons

SpaceX (NASDAQ: SPCX) remained part of the broader AI infrastructure discussion after Musk projected that annual recurring revenue could exceed $500 billion by December 2027. Coverage placed that ambition alongside an approximately $180 billion analyst estimate for fiscal 2027 revenue. Those figures should not be treated as directly comparable. A December annual recurring revenue figure describes an end-of-period revenue pace, while a full-year revenue estimate measures sales recognized across the entire year. A business can reach a much higher exit rate than the revenue it records during the year leading up to that point. Reported third-quarter revenue was $14.6 billion, including $7.6 billion from AI Solutions and Infrastructure and $5.2 billion from connectivity. Those results underscore the importance of computing and communications to the company’s growth narrative, while also showing the considerable distance between its current quarterly revenue and Musk’s projected future run rate. Bloomberg also reported that Musk expected U.S. government-funded contracts to account for less than 10% of SpaceX’s (NASDAQ: SPCX) revenue in the current quarter, compared with 16.6% in the preceding quarter. That would mark a further shift toward commercial revenue sources. The company’s ambitions nevertheless intersect with the week’s Texas policy debate. Incoming state leadership raised concerns about data center development and requested a pause in discussions involving a public land sale for expansion of the Starbase launch facility.

Fox Completes $22 Billion Roku Acquisition

Outside the AI trade, Fox Corporation (NASDAQ: FOXA, FOX) completed its approximately $22 billion acquisition of Roku (formerly NASDAQ: ROKU), expanding its position in connected television and streaming advertising. Bloomberg reported that the transaction combined Fox’s sports, news and local programming with a platform reaching more than 100 million households. The acquisition closed earlier than the first-half 2027 timetable originally anticipated. Roku founder Anthony Wood joined the Fox board and became co-chair of a new digital platforms division encompassing the acquired streaming business and other digital properties. The strategic logic centers on distribution and advertising. Combining programming with a large connected-TV platform creates opportunities to reach audiences directly and improve advertising monetization. The business challenge now shifts from completing the transaction to integrating operations while maintaining the platform’s appeal to viewers, advertisers and content partners.

What the Week Means for the Market Outlook

The week left markets balancing three distinct forces. First, the labor market remained resilient enough to challenge an imminent economic slowdown narrative. Second, elevated inflation and the Federal Reserve’s cautious stance kept borrowing costs relevant. Third, the AI spending cycle faced greater scrutiny over where projects can be built, how they are financed and when they begin generating revenue. Friday showed a partial recovery in technology and small-cap shares and a decline in the VIX, but those daily moves did not erase Thursday’s selloff. The more durable question is whether corporate execution can keep pace with the expectations embedded in AI-related valuations. For the weeks ahead, the most consequential signals will be the interaction of inflation, employment, financing conditions and actual infrastructure deployment. Strong demand remains important, but the market is increasingly distinguishing between an announced opportunity and revenue delivered on schedule.

Updates From the VP Watchlist

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL), a leading provider of technology-enabled care, closed at $11.91. Amwell reported after the close Nov. 3 the company’s Third Quarter 2026 Highlights: Recorded Total Revenue of $49.0 million, exceeding the previously provided financial guidance range for Q3, Achieved subscription revenue of $23.9 million, Recorded Amwell Medical Group (“AMG”) visit revenue of $23.7 million, Reported gross margin of 53%, Net loss was ($11.0) million, compared to ($9.6) million in the second quarter of 2026, Adjusted EBITDA of ($3.6) million compared to ($1.2) million in the second quarter of 2026, & Total visits on the platform were 0.8 million.

Financial Outlook: The Company is raising its 2026 revenue outlook, and adjusted EBITDA outlook, and reaffirming its AMG visit guidance., Revenue in the range of $204 million to $206 million increased from $200 million to $205 million
AMG visits between 1.32 million and 1.37 million Adjusted EBITDA in the range between ($8) million to ($7) million increased from ($9) million to ($7) million.

The Company also provided financial guidance for Q4 2026 Revenue and adjusted EBITDA:

• Q4 revenue in the range of $48 million to $50 million
• Q4 adjusted EBITDA expected to in the range of $0 million to $1 million.

The Company also reiterated its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Serina Therapeutics (NYSE: SER)

Serina Theraeuptics (NYSE: SER, $1.38) is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. Serina’s POZ PlatformTM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology.

On Thursday, September 24, 2026, Serina CEO Steve Ledger discussed discuss Serina’s programs’ progress during Tribe Public’s “A New Approach to Advanced Parkinson’s Disease: Serina Discusses SER-252’s Clinical Progress”webinar, followed by a live Q&A. You may view it below.

SER announced (Sept. 9) that the independent Safety Monitoring Committee (SMC) has completed its blinded review of Cohort 1 of the ongoing Phase 1b registrational study of SER-252 in patients with advanced Parkinson’s disease and recommended that the study advance to Cohort 2. Cohort 1 evaluated the lowest dose level in the single-ascending-dose portion of the study. In addition to supporting continued dose escalation, blinded Cohort 1 observations showed a pharmacokinetic profile consistent with the sustained apomorphine exposure SER-252 is designed to provide and included sustained periods of improvement in motor function in individual patients on exploratory clinical measures.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $6.89, +4.39%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (Oct. 15) that the ongoing RESOLVE study evaluating the safety and efficacy of EP-104GI for the treatment of Eosinophilic Esophagitis (“EoE”) has reached its enrollment target. “This is a significant milestone for the RESOLVE trial and the development of EP-104GI as a potential treatment option in EoE” said Dr. James Helliwell, Chief Executive Officer of Eupraxia. “We look forward to our interim analysis in December where we will be reporting on symptoms, histologic findings and safety in the first 60 patients in Phase 2b to reach 6 months. Data will also be available on the patients at 3, 9- and 12-month timepoints giving a fulsome interim look at the RESOLVE Trial”.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $1.28), a commercial-stage medical device company preparing for the full commercial launch of its next-generation Pivot™ tubeless patch pump, announced (Oct. 27) that it has received a positive decision from its notified body regarding certification of its quality management system under ISO 13485:2016. The notified body is designated under the European Union Medical Device Regulation (“MDR”).

MODD announced (October 15) the launch of two innovative digital education resources designed to assist people living with diabetes build familiarity and confidence with insulin therapy ahead of formal training on the Pivot insulin delivery system. Developed in partnership with Relevate Health Games, the new tools use game-based technology to walk patients through the skills needed for insulin pump therapy. The resources are designed to help reduce barriers to adoption by allowing prospective users to become familiar with pump therapy before beginning formal onboarding. The first educational module gives users a virtual, hands-on walkthrough of the Pivot insulin delivery system. In approximately 15 minutes, users can visualize how to unpack the system, prepare and apply the pump, and understand the basic operational functions. The Pivot module was first previewed at the ADCES 2025 Annual Conference in August 2025. Healthcare providers may also use the platform to gauge a patient’s interest in pump therapy and ability to navigate basic operational tasks associated with insulin delivery devices. The experience offers clinicians valuable insight into patient engagement, learning readiness, and willingness to transition from multiple daily injections to a more advanced insulin delivery approach.

MODD announced (September 4) that it has secured a contract with a national U.S. pharmacy benefit manager (PBM) in the United States. Pursuant to the contract, the Company’s Pivot insulin delivery system is now available through the national PBM. The Company believes the engagement with this national PBM represents a significant step forward in broadening patient access to the Company’s Pivot tubeless patch pump and will further validate the Pivot pump as an accessible therapeutic option for people living with diabetes.

MODD announced (September 3) that the U.S. Food & Drug Administration (FDA) has cleared a set of software enhancements to its Pivot insulin delivery system, further expanding the system’s functionality and providing users with greater flexibility and customization options in bolus dosing, an enhanced user-interface (UI), and other software upgrades.

MODD CEO, Jeb Besser, co-hosted a Tribe Public’s CEO Presentation and Q&A Webinar Event titled “The Road To Revenue: Modular Medical’s Strategy For Launching Pivot,” that was held Friday, September 4, 2026.. You may watch the event video below now if you missed it below now.

Nvidia (NVDA, $186.64, +2.78%)

NVIDIA Corp. (NASDAQ: NVDA), remains a cornerstone of the AI-chip investment story, supported by robust data-center demand, hefty profitability, and growing supply-chain commitments. Attention now turns to its November 17 earnings report, when investors will scrutinize the company’s $108 billion revenue outlook and assess whether demand has staying power, or merely an excellent publicist, as regulatory and infrastructure concerns linger.

Alphabet (NASDAQ: GOOGL $284.78, +.78%)

Alphabet (NASDAQ: GOOGL, GOOG) is confronting an expensive paradox: Artificial intelligence is bringing more activity to Google while making the economics of that activity harder to predict. Yet the latest results offer a more constructive interpretation than a simple obituary for search. Third-quarter revenue increased 25% to $127.6 billion. Operating income climbed 30% to $40.6 billion. Google Cloud revenue more than doubled. Those are unusual credentials for a company supposedly being escorted toward technological irrelevance. At the close on Thursday, Alphabet shares traded at $283.82, following a 12.64% decline, many are clearly demanding more proof and fewer architectural renderings of future data centers. That skepticism is understandable. But the opportunity lies in distinguishing a difficult transition in monetization from a collapse in demand. Google’s problem is not that people have stopped asking questions. According to management, its year-over-year search-query growth reached its highest rate in five years during the third quarter. The more consequential question is how quickly Google can turn its expanding AI audience into attractive, durable cash flow. Wall Street has little patience for a renovation when the contractor’s estimate begins with a trillion.

DISCO Reports Revenue Growth and Positive Adjusted EBITDA

Legal technology company CS Disco (LAW, $5.66, +.71%) reported third-quarter revenue of $45.3 million, up 11% from a year earlier. Software revenue increased 10% to $38.6 million, while its GAAP net loss narrowed to $5.0 million from $13.7 million. The company also reported approximately $0.1 million in positive adjusted EBITDA, reaching that milestone one quarter ahead of its expectations. Management highlighted continued software growth and demand for AI-enabled litigation tools. The distinction between adjusted profitability and GAAP results remains important. Positive adjusted EBITDA marked operating progress, but CS Disco (LAW) still reported a net loss. Its full-year outlook called for revenue of $176.1 million to $178.1 million and an adjusted EBITDA loss of $5.3 million to $6.8 million.

Space Exploration Technologies Corp. (SPCX, $134.27,
(+8.62%)

SpaceX commanded the spotlight in SPCX coverage after Elon Musk projected annual recurring revenue above $500 billion by December 2027, leaving the $180 billion average analyst forecast looking almost bashful. Strong third-quarter revenue added momentum, though Texas data-center regulations and political exposure remained less glamorous items on the risk ledger.

The Sources

1. Friday market session and Thursday selloff, November 6, 2026.
2. Administration commentary on data center growth after the midterm elections.
3. OpenAI commentary on continued AI infrastructure investment.
4. October employment report and long-term unemployment analysis.
5. Tesla’s planned Texas Cybertruck production wind-down.
6. IREN and Wingspire Equipment Finance transaction announcement.
7. Fox and Roku acquisition completion report.
8. U.S. Bureau of Labor Statistics: October 2026 Employment Situation.
9. Federal Reserve: October 28, 2026 FOMC statement.
10. SpaceX revenue outlook and annual recurring revenue comparison.
11. Bloomberg: Fox finalizes $22 billion Roku acquisition.
12. Bloomberg: SpaceX’s declining reliance on U.S. government revenue