Insights

Weekly Market Commentary – 30th October 2026

30 October 2026

This week suggested investors are more discerning than talk of an AI bubble implies. As Big Tech reported results, they sold companies burning cash to build data centres and stood by those still generating it. Bubbles rarely look like this. The biggest spenders now increasingly borrow or sell shares to fund their plans, and investors want proof of returns first. Alphabet and Amazon fell sharply, while cash-rich Microsoft held up and Oracle rallied. Patience is thinning, though. By Friday the sell-off had spread to chipmakers from Seoul to Amsterdam.