October 31, 2025

Markets:

Stock futures rose Friday as investors digested strong quarterly results from tech giants Amazon and Apple.

Amazon shares rallied more than 12% after the e-commerce giant said its cloud computing unit’s revenue increased 20% in the third quarter, exceeding Wall Street’s estimates. Apple rose about 2% on the back of its strong fiscal fourth-quarter earnings and forecast for the iPhone maker’s December quarter.

Streaming leader Netflix also added more than 2% after the company announced a 10-for-1 stock split.

President Donald Trump and President Xi Jinping on Thursday reached a one-year trade truce after their meeting in South Korea, soothing some investor concerns about the possibility of an all-out trade war between both nations.

Trump agreed to cut tariffs on China tied to fentanyl by 10% effective immediately, reducing overall levies on Chinese goods to around 47%, while Beijing agreed to a one-year pause on the export controls for rare earths it announced earlier this month. Other areas of dispute, such as export controls on sales of Nvidia’s advanced AI chips and the divestiture of U.S. TikTok operations, were unresolved, however.

U.S. stock indexes are on track to close out a winning week and month.

Portfolio:

We close out this week and month holding positions in WFC, OPEN, and TSLL — a strong lineup into the weekend. Strong month for us but super weird week as well for our holdings.  The good news is the story unfolding from this earnings season only reinforces the reality of the AI-driven tech revolution that’s underway. Pay attention to CAPEX — what’s being built and why. If you still don’t see the magnitude of this super cycle, I don’t know how else to spell it out. Read the STX earnings call if you want a glimpse into what’s coming — AI is fueling an explosion in data storage demand like nothing we’ve seen before.

Next week brings another powerful slate: PLTR, ARM, AMD, and more from the semiconductor side, plus emerging software and quantum names like APP, IONQ, and QUBT. The momentum is building — and we’re ready.

As we enter the final two months of 2025 — a time when seasonal trades often dominate. If you’ve been wrong, stop trying to justify it. Every minute spent defending a broken thesis is time you could be making it back. The market doesn’t care how smart your argument sounded in April or how perfect your macro chart looked — it only cares what’s true now.

Adapt or underperform. There’s no weakness in admitting a miss — the weakness is clinging to it. Block the noise. Reset your slate. Step back in with clarity and discipline.  I cannot tell you the emails we received over the last several months about market tops or that this current administration will ruin the market and cause too much turbulence.  They're looking for a reason to not participate.  They hate this rally at it grows.  Its why we coin it the "hated rally".  Again, just wait until they chase it….

Let’s attack the end of 2025 — and make 2026 our biggest year yet. The setup is right here. Read the reports, understand the signals, and tune out the noise.