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The Trading Day · Monday, October 19, 2026

AI Trade — builders and runners sold, users bought: chips enter a bear market, Accenture +9.9% on the week

Last week split the AI trade in four. The companies that build AI capacity fell hardest: our Rubin 100 build-out index lost 13.5% and the Ecosystem index, which tracks what it costs to run AI, 14.2%. The companies that sell AI products held up — the Winners index was 1.5% higher on the week until Thursday and ended 0.5% lower after Friday. The companies that put AI to work rose: Infosys gained 14.1%, Cognizant 11.5% and Accenture 9.9%, all three even on Friday. That is the group our fifth AI index, AI Users, is being built for.

The Morning 10

AI Trade — builders and runners sold, users bought: chips enter a bear market, Accenture +9.9% on the week

  1. 1 Our AI indices — capex −13.5%, opex −14.2%, apps −0.5%; AI users bought
  2. 2 AI users — Infosys +14.1%, Cognizant +11.5%, Accenture +9.9% on the week; up even on Friday
  3. 3 Chips — bear market: index 23.9% below its June record after eight losing days; AMD −5.9%, Micron −5.6%
  4. 4 Nasdaq-100 — QQQ breaks its support line, closes at 709.80, down 2.5%
  5. 5 AI apps — software sold on Friday: IGV −4.8%; Snowflake −8.4%, Palo Alto −7.6%, Palantir −7.2%
  6. 6 CoreWeave — −11.9% to 61.39, −25.2% on the week; Oracle −4.6%
  7. 7 Asia — Kospi +1.5%, Nikkei −0.6%, Tokyo Electron −2.3%; Hong Kong shut
  8. 8 China — growth 4.5%, a little above forecast; memory maker CXMT −7%; Jakarta −5% more
  9. 9 Oil, rates and defensives — Brent −1.8% on Russia sanctions pause; staples +5.0% on the week
  10. 10 This week — ASML scored tonight, TSMC Tuesday; Tesla, Meta, IBM, SAP and Lam Research Wednesday

The full Morning 10 →

Daily Pulse — Chips — Bear Market Again, but Not Like July

The chip stocks are in a bear market for the second time in four months. The Philadelphia chip index closed Friday at 11,137, 23.9% below its record close of 22 June, after eight losing days in a row. In July it fell 28.6% from the same record and then recovered 26.5% in ten weeks — so the label alone has not been a reliable signal this year.

The full Pulse →

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