$1.1 Trillion In Cloud Backlog Vs "Peak" Earnings Growth: Two Goldman Veterans Draw Opposite Conclusions From AI's Worst Week

Halloween came a day early for the AI trade.

Alphabet suffered the biggest drop in its history on Thursday, Intel crashed the most on record on Friday, Amazon followed with a disappointing quarter, and the Nasdaq 100 briefly slid into correction territory. And yet the S&P 500 ended the month down less than 1%, while the S&P ex-AI headed for its best month since 2022.

"A Bit Of A Devil": The Index Did Nothing, Everything Else Did Everything