US stock market's storage and optical communication sectors saw broad declines, with CRDO falling more than 6%.

The real-life inspiration for *The Big Short*, Michael Burry, said in a Substack post today that the U.S. stock market could be just 0 to 9 months away from a major top, noting that "the final months of this bull market could get very wild." According to his disclosure, his current short positions are concentrated primarily on put options for the Nasdaq 100 ETF (QQQ) and the semiconductor ETF (SMH). Both positions expire in spring 2027, with strike prices roughly 20% below current levels. Burry also remains short on Oracle (ORCL), MetLife (MET), Caterpillar (CAT), and Palantir (PLTR). He believes the market may already be in the late stages of this bull run, but expects significant volatility could still occur before the major top is reached.

According to official announcements, Solana research and development firm Anza has announced that Alpenglow will launch on Solana’s mainnet-beta at approximately 22:50 UTC+8 on October 21. The 18-month-long upgrade will complete the migration in a single slot, cutting block finalization time from several seconds to roughly 150 milliseconds. Alpenglow will replace the TowerBFT consensus protocol that Solana has used since its mainnet launch. The upgrade combines the latest consensus research advancements with erasure-coded data distribution technology, aiming to boost block confirmation speeds across the global network to as close to physical limits as possible. Alpenglow is expected to deliver a more efficient underlying infrastructure for 24/7 global capital markets, supporting high-throughput transactions and near-instant settlement. For institutional users, the protocol will reduce transaction settlement time from the typical 1–3 business days to around 150 milliseconds, while providing cryptographic guarantees and enabling direct on-chain payment processing to cut down on intermediaries and reconciliation requirements. For developers, faster confirmation speeds will improve Web3 application responsiveness, reduce wait prompts and retry logic, and bring on-chain app interaction experiences closer to those of traditional internet applications. Additionally, Alpenglow will offer a more suitable on-chain transaction environment for AI agents to execute high-speed operations. Combined with payment tools like x402, AI agents will be able to complete payments and other on-chain operations more efficiently without permission, lowering transaction friction. This upgrade will further strengthen Solana’s support for use cases including high-frequency trading, institutional financial services, Web3 applications, and the AI agent economy.

According to BIT (bit.com) market data, Apple (AAPL.O) stock has hit a new all-time high, currently trading at $346.1, up 1.5%.

Goldman Sachs CEO David Solomon has downplayed recent rumors of a possible leadership transition at the firm, describing them as just "noise". Goldman's Chief Operating Officer John Waldron has long been viewed as a potential successor to Solomon. Recent reports suggested Solomon could step down as early as next year, bringing the timing of Goldman's leadership handover back into the market's spotlight. Solomon stated Tuesday during an earnings call with analysts: "I want to be clear: there are no ongoing succession transition arrangements at Goldman Sachs, nor any related timeline. The board and I are fully focused on the company's growth strategy and continue to deliver outstanding services to our clients." He added that he is satisfied with the company's development progress, which in turn makes him enjoy his current role more.

Data compiled by Bank of America shows that while S&P 500 third-quarter earnings expectations remain strong, profit growth is projected to slow quarter-over-quarter for 10 of its 11 sectors. Data from industry research aggregators indicates analysts expect S&P 500 constituents’ profit growth to decelerate from 25% in Q3 2026 and 28% in Q4 2026 to 18% in the first half of 2027, signaling a slight softening in the overall earnings outlook ahead. A slowdown in profit growth expectations alone is not enough to end the stock market rally. However, with U.S. stocks near record highs and growing market concerns that inflation pressures will prove more persistent than anticipated, U.S. companies must deliver sufficiently strong results to push equities to new peaks. Luca Paolini, chief strategist at Pictet Asset Management, noted: “We are seeing early signs that profit growth momentum may be peaking. With the bar for earnings expectations set so high, even a slight miss on results could trigger sharp market reactions.”

Despite rising interest rates, U.S. consumers and businesses have kept borrowing, pushing loan revenue at America’s three largest banks to another record high in the third quarter. Earnings reports released Tuesday by JPMorgan Chase, Citigroup, and Wells Fargo show the three firms’ combined net interest income reached $56.5 billion in the third quarter, marking the fifth consecutive quarter of hitting an all-time high. JPMorgan forecasts net interest income will rise further in 2027. This outlook stands in sharp contrast to expectations earlier this year, when banks widely projected interest rates would fall. Back then, record trading revenue had captured most investors’ focus, leaving traditional interest income from loans and other interest-earning assets relatively overlooked. Banks also noted that U.S. consumers and businesses still have the ability to repay loans on time. All three banks reported a decline in non-accrual loans—loans for which banks cease recognizing interest income. Bank of America is scheduled to release its third-quarter results on Wednesday. However, amid a host of geopolitical uncertainties including the wars in Ukraine and the Middle East, persistent stubborn inflation, and elevated oil prices, banks remain cautious.