Jensen Huang's once-in-a-generation call isn't about chips

MARKET SIGNAL REPORT
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SUN OCT 18 THE WEEK AHEAD · last week: SPY −1.97% QQQ −5.52% DIA +0.60% IWM −3.05%

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Nvidia's CEO called it once-in-a-generation.
It has nothing to do with chips.
Jensen Huang says the next leg of AI leaves the data center and goes to work beside us in the real world. He calls it the dawn of a new industrial revolution. One analyst lays out the story and names his top pick in the space.

See the Story and the Top Pick

KEY TAKES

Last week SPY fell 1.97% and QQQ fell 5.52% as money left tech over worry about the debt behind the AI build-out. DIA, the Dow fund, rose 0.6%.
About 70 S&P 500 companies report this week. The big two land Wednesday after the close: Tesla and Meta. No Fed meeting this week.
An Elon-backed startup growing faster than Tesla and SpaceX, and how to claim a stake for under $50 (From Brownstone Research)

THE WEEK AHEAD

Last week's fear was AI debt and credit. This week the market gets answers from banks first, then Tesla and Meta.

Mon Oct 19. Fifth Third results ~6:30 AM ET, call 9:00 AM ET; Cleveland-Cliffs before the open. NAHB housing index 10:00 AM ET. After the close: Zions, Western Alliance, Steel Dynamics.
Tue Oct 20. General Motors before the open (call 8:30 AM ET). Housing starts 8:30 AM ET. Netflix after the close (call 4:45 PM ET).
Wed Oct 21. AT&T before the open. Tesla (call 5:30 PM ET) and Meta after the close.
Thu Oct 22. Jobless claims 8:30 AM ET. Procter & Gamble, American Airlines.
Fri Oct 23. Flash PMIs 9:45 AM ET; Michigan sentiment (final) 10:00 AM ET. American Express, SLB.

No FOMC meeting this week. Next is Oct 27 to 28.

ONE TO WATCH AT MONDAY'S OPEN

Fifth Third (FITB) reports Monday before the open: results ~6:30 AM ET, call 9:00 AM ET. It closed Friday at $50.37, down 0.5% on the week, while the regional bank fund (KRE) rose 1.2%. Analysts expect $1.09 a share, up from $0.93 a year ago. Watch two things: what it says about loan losses and reserves, and whether the stock holds Friday's $50.37 close through the first hour. If it holds, bank credit looks fine and last week's scare stays inside AI. Zions and Western Alliance give the second read after Monday's close.

SHH. THIS IS A CLUB.

You get the recap because you open and click. Go quiet and we give your chair away. See you Monday.

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Signal over noise. A Sunday evening read on the week ahead. Monday starts with Fifth Third before the open and Zions after the close.

Jensen Huang's once-in-a-generation call isn't about chips

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