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Scott Galloway’s Unhinged Tirade Against Elon Musk Takes A Very Dark Turn…

November 3, 2026 MMN Editor Filed Under: THE NEWS

Scott Galloway’s Unhinged Tirade Against Elon Musk Takes A Very Dark Turn…

Marketing professor and anti-MAGA podcaster Scott Galloway launched an unhinged attack on Elon Musk, branding the billionaire a “traitor to the West” before invoking the infamous Rosenberg espionage case, which ended with the execution of two Americans during the Cold War.Galloway spewed the incendiary comments during a discussion with former technology journalist Kara Swisher about Silicon Valley’s growing influence, arguing that the United States’ obsession with billionaire innovators has created a dangerous double standard.However, what began as a familiar critique of Silicon Valley’s billionaire class quickly took a darker turn. Galloway compared Musk to aviation pioneer Charles Lindbergh, whose sympathies toward Nazi Germany before America’s entry into World War II remain a controversial chapter in U.S. history. Galloway then invoked Julius and Ethel Rosenberg, the American couple executed in 1953 after being convicted of conspiracy to commit espionage for the Soviet Union.”We lined up the Rosenbergs against a wall,” Galloway said, before insisting Musk should be held to the same standards as other traitors.Galloway stopped short of explicitly calling for Musk’s execution, but bringing up two spies who were put to death while calling him a traitor was a striking comparison.Here are Galloway’s remarks in full:Okay, so I’ll go fail first. I think the idolatry of innovators has gotten so out of control. I was talking to the secretary before this. If you go up and down the West Coast, you’re going to see literally companies. The West Coast is littered with multi-trillion dollar companies, and you get to the Canadian border, it stops. You get to the Mexican border, it stops. And yet these individuals are quick to credit their grit and their character for their success and blame the government for their failures.And what is so disappointing, that’s not my fail, because if you tell a 30-year-old male who’s Jesus Christ, he’s inclined to believe you. The fail is that we have begun believing through this ridiculous, unhealthy, and dangerous idolatry of innovators that they get to live by an entirely different standard. Elon Musk is a traitor to the West.[crowd applause]In the 30s, we had this incredible hero, Charles Lindbergh, an innovator, and he felt that we should be on the side of Germany. And a lot of people felt that way. We had spent tremendous capital, a lot of loss of young men in World War I, and we thought, you can understand, we don’t want to go back, right? And his view was we should partner with Germany and Hitler.What if, and this could have very easily happened, he was a hero. What if he’d raised the capital to buy Boeing? He probably could have done it. And then when we lent B-17s to run bombing runs over Germany to the RAF, what if he had figured out a guidance for a flight system and then mid-1940, before we were involved in the war, decided to throttle back those guidance systems and the blitzkrieg in London got worse, and more homes and more civilians were destroyed and killed respectively. What would we have done to Charles Lindbergh?But it’s uncomfortable and weird because we’ve decided someone who’s a trillionaire, makes a great EV and can land a rocket on scissors is held to a different standard. We lined up the Rosenbergs against a wall. This is a traitor to the West, and you should be held to the same standards as every other traitor in the West.The Rosenbergs were convicted in 1951 of conspiring to commit espionage for the Soviet Union and executed at New York’s Sing Sing prison two years later. Their case remains one of the most controversial espionage prosecutions in American history, particularly because of the severity of the punishment.Galloway’s remarks come amid an increasingly hostile climate surrounding Musk, with the billionaire facing criticism over his political activities and his role in the Trump administration.A shadowy international group calling itself The Capytistas is preparing to expose the private homes of some of America’s wealthiest individuals in a new campaign, according to a dossier viewed by WIRED.The group’s strategy is simple: Turn the private residences of the ultrawealthy into public information, potentially exposing properties their owners have gone to considerable lengths to keep out of the spotlight.The Capytistas claims to have secured more than $1.2 million in financial backing and intends to publish over 150 residential addresses, many of which it says have never been publicly disclosed.Elon Musk, his brother Kimbal, and members of Tesla’s board of directors are among the group’s initial targets. Its dossier reportedly contains 32 addresses associated with Musk and Tesla leadership.Beginning in January 2025, Tesla dealerships, vehicles, and charging stations became targets of arson, firebombings, gunfire, and vandalism across the country.In March 2025, then-Attorney General Pam Bondi announced federal charges against three suspects accused of attacking Tesla properties with Molotov cocktails, describing the violence as domestic terrorism.
Tyler Durden
Tue, 11/03/2026 – 19:40

Georgia Senator Warnock says only a ‘spiritually sick’ country would elect Trump twice

November 3, 2026 MMN Editor Filed Under: THE NEWS

Sen. Raphael Warnock, D-Ga., said during an interview Sunday that only a “spiritually sick” country would elect President Donald Trump twice, calling the president a symptom of a larger problem.Politico’s Jonathan Martin asked Warnock if America needed a “spiritual rebirth” and Warnock said, “Absolutely.””I think Donald Trump is a problem. He’s a serious problem for our country. He’s a danger,” the Georgia senator added. “He’s symptomatic of a deeper problem. We — only a nation that is spiritually sick could elect Donald Trump twice. There is a brokenness.”WARNOCK WARNS DEMS TO CUT THE ‘JARGON’ AND SPEAK ‘PLAIN ENGLISH’ WITH YOUNG MEN WHO FEEL LEFT BEHIND”And for people who think we just need to get through this moment so that we can get back to normalcy, if that is your diagnosis of where you are, you have missed where we really are,” Warnock added. “It’s only because so many people were being left behind in the first place that somebody like Trump could even get a hand on them.”Warnock called the 2026 midterm elections an “inflection point,” warning that if Democrats do not win, the 2028 election could be “theoretical.”He declined to say whether he planned to run for president but called for a “robust debate” and a “real primary in 2028.”The White House did not immediately return a request for comment.EVERYTHING TO KNOW ABOUT HOUSE AND SENATE CONTROL, BALLOT MEASURES AND 2026 ELECTION DAY POLL CLOSINGRNC spokeswoman Emma Hall told Fox News Digital in a statement, “No one cares what this radical left-wing warrior has to say,” adding that Warnock “supports abolishing prisons, police, and borders, and thinks Republicans are like dying snakes who should repent.”During an interview with CNN’s Jake Tapper in April, Warnock, who serves as the senior pastor at Ebenezer Baptist Church in Atlanta, was asked several questions about pastors who support Trump and argue he was put in office with a divine purpose. Warnock called the Trump administration “ungodly” and likened those leaders to Christians who used the Bible to defend slavery.”Yeah, they’re wrong,” he said, arguing the Black Church emerged to correct the “American heresy that somehow tried to reconcile the faith of Jesus to slavery.”‘I PUT UP WITH POLITICS’: SEN RAPHAEL WARNOCK CONFESSES TO JON STEWART HE IS ‘NOT IN LOVE’ WITH THE SYSTEM

Paper ballot shortages spark Election Day scramble at polling places in several states

November 3, 2026 MMN Editor Filed Under: THE NEWS

Voters in multiple states encountered paper ballot shortages on Election Day Tuesday, with some leaving polling places without casting ballots as election officials scrambled to address disruptions during the high-stakes 2026 midterms.Ballot shortages were reported at polling locations in Illinois, Kansas and Maryland as voters headed to the polls Tuesday for the high-stakes 2026 midterm elections.In Linwood, Kansas, where voters were casting ballots in a closely watched Senate race as Republicans fight to maintain control of the chamber, a ballot shortage forced some voters to leave their polling place without casting a ballot after election officials failed to provide enough ballots to meet demand.TRUMP-BACKED SENATOR ADMITS GOP FACES NIGHTMARE SCENARIO IN STATE REPUBLICANS HAVEN’T LOST IN 90 YEARSOne voter told the Kansas Reflector that her 18-year-old son left without voting after officials ran out of paper ballots. She said she saw another 10 to 15 people leave without casting ballots.Leavenworth County said in a press release the ballot shortage occurred due to an error in the number of ballots ordered.”The shortage was discovered early, and efforts to correct the mistake began immediately. We recognize the importance of ensuring that every eligible voter has the opportunity to cast a ballot. We sincerely apologize for this mistake and any inconvenience or concern it may have caused,” said the release.FLORIDA POLLING PLACES IN 7 COUNTIES ARE MOVING LOCATIONS DUE TO FLOODING”The number of ballots needed was 1,000, the polling station received only 100. The situation has since been remedied since early this morning and voters are able to vote,” Kansas Secretary of State communications spokesperson told Fox News Digital.In Chicago, voters encountered ballot shortages at several polling locations, prompting election officials to deliver additional ballots and direct voters to alternative voting centers, according to ABC7 Chicago.”There are several precincts for which the Board is printing and delivering extra paper ballots, and possible extra touch-screen voting machines. As far as we know, no voters have been turned away or unable to vote,” the Chicago Board of Elections told the outlet.”It’s not unusual for an election authority to have to supply additional ballots to a polling place if turnout is higher than anticipated,” Illinois State Board of Elections Public Information Officer Matt Dietrich told Fox News Digital.”We’ve heard from voters that there are lines at some Chicago polling places but, again, that’s not out of the ordinary in a general election,” Dietrich added.In Brandywine, Maryland, voters faced long lines and delays Tuesday after Brandywine Elementary School, a polling location in Prince George’s County, ran out of paper ballots, according to local outlet WJLA.The school did not have correct ballots, which were later corrected, Prince George’s County Board of Elections administrator Wendy Honesty-Bey told local outlet The Banner.THE BATTLE FOR CONGRESS IS JUST THE BEGINNING. HERE’S WHAT’S AT STAKE ON ELECTION DAY”The State Board of Election’s (SBE) mission is to ensure voting occurs. We, of course, conduct lessons learned after every election and will do so after this election. Once made aware of this situation, more ballots and supplies were deployed to the polling place,” an SBE spokesperson told Fox News Digital.While ballot shortages may be gripping some polling precincts, voting machines in Westchester County, New York are rejecting paper ballots at polling locations throughout the county.”A change affecting a contest in one municipality required updated election programming, which was subsequently tested and deployed for early voting and for Election Day machines in that municipality,” the county’s Board of Elections said in a statement.”However, Election Day machines elsewhere in the county continued to use the original programming and therefore could not recognize and accept the ballots being used for Election Day,” the statement continued.

Trump admin puts alleged ‘Decoy Dan’ conspirators on notice in Alaska election spoiler probe

November 3, 2026 MMN Editor Filed Under: THE NEWS

The Justice Department sent out more than 20 target and preservation letters as part of its investigation into Daniel J. Sullivan’s campaign for U.S. Senate in Alaska, two sources familiar with the investigation told Fox News Digital.President Donald Trump’s DOJ launched in July its investigation into the retired schoolteacher suspected of being recruited as a spoiler candidate in the race against Sen. Dan Sullivan, R-Alaska, earning him the nickname “Decoy Dan.”A source familiar with the investigation said more than 120 subpoenas have been issued since the probe began this summer. The investigation initially focused on whether Daniel J. Sullivan’s candidacy was intended to confuse voters and undermine the fairness of the election.”This is a situation where everybody agrees that there is a FRAUD on the ballot,” Attorney General Todd Blanche told Fox News Digital. “Everybody agrees that there is a man running that doesn’t want to run, that doesn’t expect to be senator, that is only running to confuse Alaskan voters.”TIM SCOTT DECLARES ALLEGED ‘DECOY DAN’ PLOT A ‘CRIMINAL OFFENSE’ AS DOJ INVESTIGATION ROCKS ALASKALast Thursday, the Trump administration issued more than 30 subpoenas in a 24-hour period following a New York Times report detailing alleged coordination between the Democratic Senatorial Campaign Committee, Democratic operatives and people connected to Mary Peltola’s campaign to recruit Sullivan, a source familiar told Fox News Digital.The New York Times first reported on Election Day that the Justice Department had issued the letter notifying individuals that they were under investigation and letters notifying individuals to preserve their communications and documentations.The report named Marc Elias, an election lawyer whose firm Elias Law Group has represented Peltola, and an official from the Democratic Senatorial Campaign Committee, as recipients of those notices. It is not clear who else has received comment preservation or target letters.TRUMP PROSECUTIONS UNDER BIDEN SET PRECEDENT FOR DOJ’S ALASKA ‘DECOY DAN’ PROBE, EX-FEC CHAIR SAYSPresident Trump has been highly critical of the alleged efforts of the Democratic Party to siphon voters away from Sen. Sullivan.His administration previously filed a lawsuit against Alaska officials to prevent them from certifying election results if it was deemed Daniel J. Sullivan may have cost Sen. Sullivan the election. That that lawsuit was tossed out by a federal judge Sunday.DOJ FACES ‘HEAVY LIFT’ IN ALASKA ELECTION APPEAL AS SEPARATE CRIMINAL PROBE CONTINUES”You had the Democrat Party headed up by Elias, their lawyer, who was a bad guy, very bad guy — should go to jail, in my opinion,” Trump shared on “Fox & Friends Tuesday.” “But you had the Democrat Party look all over Alaska for somebody named Sullivan.”Trump also suggested that Senate Minority Leader Chuck Schumer should be held “criminally responsible,” as well.Sources familiar with the investigation shared with Fox News Digital that the letters were not sent exclusively to Democratic officials, but they would not give more information or provide specifics about who the recipients were or how many received target versus preservation letters.The letters were not sent out on Election Day.Alaska Republican Gov. Mike Dunleavy argued this the state’s nonpartisan primary system is to blame for allowing Daniel J. Sullivan to advance to the general election. Under Alaskan’s election system, the top four finishers regardless of their party will advance. Daniel J. Sullivan did not run under any political party.”If this was a historical primary, a primary that our fathers and grandfathers had, this individual [retired schoolteacher Dan Sullivan of Petersburg] would not have gotten out of the primary,” Dunleavy told Fox News Digital.The heightened focus in the Alaskan Senate race comes after the New York Times investigation last week, which followed with Alaska U.S. Attorney Michael Heyman officially announcing at a news conference Friday the investigation into Daniel J. Sullivan’s campaign. Heyman did not say at the news conference what criminal charges are being pursued.”I’m not making any assumptions on whether a crime has been committed or not,” Heyman said. “That’s why we are conducting that thorough investigation.”The Justice Department declined to comment on the ongoing investigation when reached by Fox News Digital.Fox News’ Charles Creitz contributed to this report.

Man, 86, and his dog rescued hundreds of miles off California coast after going silent for 2 months

November 3, 2026 MMN Editor Filed Under: THE NEWS

An 86-year-old man and his dog were rescued from a disabled sailboat drifting hundreds of miles off the California coast after he had not been heard from for more than two months.The man was sailing from Astoria, Oregon, to Pago Pago, American Samoa, when contact with him was lost Aug. 20, the U.S. Coast Guard announced Friday.Authorities were alerted Oct. 24 that he was overdue, launching a search for him and his sailboat, the Willow Wind.TRAGEDY AT SEA LEAVES TEEN STRANDED ON OVERTURNED BOAT FOR NEARLY 3 DAYS IN FRIGID WATERSThree days later, the Coast Guard received an emergency beacon alert from the boat and sent aircraft and a cutter to search the area. Nearby ships were also asked to assist.”Watchstanders coordinated the launch of a Coast Guard Air Station Sacramento C-27 Spartan aircrew and diverted an HC-130 Hercules aircrew and the Coast Guard Cutter Robert Ward (WPC 1130), and requested assistance from nearby vessels,” the Coast Guard said.A Coast Guard aircrew spotted the Willow Wind that evening about 460 miles off San Diego.The motor vessel Grand Orion reached the sailboat early the next morning, but rough seas initially made it too dangerous to rescue the man and his dog.TEEN BOATER FOUND CLINGING TO CAPSIZED VESSEL AFTER 3 GO MISSING; 2 BODIES RECOVEREDLater that day, the Grand Orion crew was able to safely bring them aboard. The Willow Wind had damaged sails and was left drifting at sea.The following morning, a Coast Guard helicopter crew picked up the man and his dog from the Grand Orion about 170 miles west of Ventura, California.They were flown to San Diego, where the man was taken to Scripps Mercy Hospital for further evaluation. The Coast Guard did not provide additional details about his condition.CRUISE VACATION TAKES FRIGHTENING TURN AS PASSENGER IS AIRLIFTED FROM SHIP”We are grateful to the merchant mariners and Coast Guard crews whose coordinated efforts brought this search to a successful conclusion,” Coast Guard Cmdr. Jason Nguyen said in a statement.”This case highlights the importance of carrying emergency communication equipment and creating a float plan, so someone ashore knows your voyage plans.”The Coast Guard could not immediately be reached by Fox News Digital for comment.

Another One: Second Florida Woman Arrested for Threatening to Kill Trump and “Whole Entire Bloodline” – “I Am Here to Slaughter the F*ck Out of Y’all”

November 3, 2026 MMN Editor Filed Under: THE NEWS

President Trump speaks to reporters before boarding Air Force One / TGP’s Jordan Conradson
Another Florida woman has been arrested after threatening to kill President Trump during his latest Florida rally in Daytona Beach last week.
This comes after another woman in Daytona Beach was arrested after threatening on social media to go to the Trump rally and “shoot him with my Glock,” The Gateway Pundit reported.
The suspect, 21-year-old Allison Albro, was seen crying in her mugshot, hilariously.
Allison Albro, 21, arrested after threatening to shoot President Trump at Daytona Beach rally
Now, another woman, Tammy Teresa Williams, has been indicted for threatening Trump during his latest Florida rally, according to court records.
Breanna Morello reports that Williams is accused of writing on social media, “I am coming to kill off Trump whole entire bloodline! And so many more! I am here to kill off Rodney fake ass family and I am! I am here to slaughter the fuck out of y’all humans and Tammy is!”
According to Morello, “Williams’ criminal history shows a 1996 charge of carrying a concealed firearm (adjudication withheld) and a 2019 charge of Battery on a Law Enforcement Officer.”

JUST FILED
Two women in Florida have been charged with threatening to kill President Donald Trump.
When law enforcment confronted Allison Albro she became emotionally upset and began crying when she initially began speaking, according to the FBI.
She stated she already knew why law enforcement was there to talk to her and VCSO presented her with a physical photo of the threat, which she admitted to posting.
Tammy Teresa Williams allegedly posted, “I am coming to kill off Trump whole entire bloodline! And so many more! I am here to kill off Rodney fake ass family and I am! I am here to slaughter the fuck out of y’all humans and Tammy is!”
President Trump was at a rally in Florida the day she posted this.
Williams’ criminal history shows a 1996 charge of carrying a concealed firearm (adjudication withheld) and 2019 charge of Battery on a Law Enforcement Officer
— Breanna Morello (@BreannaMorello) November 2, 2026

Ongoing threats and violence against Trump and his supporters appear to be increasing lately.
Another deranged leftist was also arrested for threatening to shoot President Trump during a rally in Wichita, Kansas, last month.
Liberals are still mocking the death of Charlie Kirk and inciting violence against conservatives on college campuses. Recently, a University of Texas student showed up at a Turning Point event and read a poem celebrating Charlie Kirk’s death. ANTIFA at the University of Oregon also showed up at a Turning Point event with a sign that read “F-ck him right in the neck hole,” a reference to Kirk’s death.
A man inside Trump’s midterm rally in Rock Hill, South Carolina, appeared to call for a “massacre” of Trump supporters and said he was there to witness it.
And over the weekend at the University of Michigan, a liberal college student was arrested after violently assaulting a conservative activist, then threatening to kill her.
“I should have f*cking killed you when I had the f*cking chance,” the woman screamed as she was being arrested.
WATCH: El-Sayed Supporter Thrown Down by Police After Tackling Conservative Reporter on Michigan College Campus, Screams “I Should Have F*cking Killed You” During Arrest

The post Another One: Second Florida Woman Arrested for Threatening to Kill Trump and “Whole Entire Bloodline” – “I Am Here to Slaughter the F*ck Out of Y’all” appeared first on The Gateway Pundit.

Incumbent Senator Dan Sullivan Goes Off on Democrats, Says Multiple People Told Him They Think They Voted for the Wrong Dan Sullivan (VIDEO)

November 3, 2026 MMN Editor Filed Under: THE NEWS

Incumbent Senator Dan Sullivan was fired up and went off on the Democrats for adding a spoiler “Dan Sullivan” to the ballot.
“People are disgusted,” Dan Sullivan said to reporters earlier Tuesday.
“There’s no doubt people are mad. We are witnessing the biggest election cheating scandal in the history of the State of Alaska,” Dan Sullivan told reporters in Anchorage
Later Tuesday, Senator Dan Sullivan said people are getting confused and accidentally voting for the decoy Dan Sullivan.
“I’ve heard from people who think they’ve voted for the wrong guy and have apologized to me. Just like I said, the scheme is working,” Incumbent Senator Dan Sullivan told Fox News.
WATCH:

The Justice Department ramped up its criminal investigation into the Democrats’ dirty scheme to confuse Alaska voters by adding a spoiler candidate.
The Trump Justice Department on Tuesday sent 20 criminal target letters to 20 Democrats, including notorious Deep State lawyer Marc Elias, over the Decoy Dan Sullivan scheme.
Marc Elias and other Democrats are the target of the Justice Department’s criminal investigation into whether Democrat operatives in the Peltola campaign were behind a plot to confuse Alaska voters by adding a spoiler candidate named Dan Sullivan to the ballot.
The Justice Department has launched an aggressive criminal investigation into Daniel J. Sullivan. Federal prosecutors have issued more than 100 subpoenas.

The post Incumbent Senator Dan Sullivan Goes Off on Democrats, Says Multiple People Told Him They Think They Voted for the Wrong Dan Sullivan (VIDEO) appeared first on The Gateway Pundit.

WATCH: Raging boomer slaps conservative teen activist at polling place

November 3, 2026 MMN Editor Filed Under: THE NEWS

An elderly man both verbally and physically assaulted a young Turning Point USA volunteer at the polls, a video posted to X shows.
An 18-year-old man was volunteering with Turning Point Action outside a polling station in New Hampshire on Tuesday when an elderly man approached him and began to raise his voice. The confrontation then escalated, as depicted in a video included in Turning Point Action’s Tuesday afternoon X post.
The context of the conflict in the 40 second video is unclear. However, the elderly man is seen yelling, “you have no idea who I am, so how dare you say I don’t know much!”
The volunteer then responded, “you haven’t presented a single statistic.”
The elderly man then seemed to grow increasingly agitated, continuing to yell at the 18-year-old.
“Neither have you! G**damn. I cannot believe that bulls**t. You sat there and dare to look me in the face. And say I don’t know anything,” he shouted, gesturing at the teen before giving him the middle finger.
“That’s what I know. F*** you,” the elderly man continued, slapping the volunteer in the face.
After bystanders can be heard saying “woah,” the old man marched away.
“He stayed calm. The left got violent,” Turning Point Action’s X post featuring the video stated. “Don’t cede the ground, show up to the polls. Your vote helps us outnumber these people.”
WATCH:

An 18-year-old stood his ground at the polls in New Hampshire today and was assaulted for it.
He stayed calm. The left got violent.
Don’t cede the ground, show up to the polls. Your vote helps us outnumber these people. https://t.co/aX43b5EFIT
— Turning Point Action (@TPAction) November 3, 2026

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5 tech stock stalwarts have tumbled over 50%

November 3, 2026 MMN Editor Filed Under: SUCCESS, The Street

The technology boom version 2.0 has been driven by insatiable spending on data center infrastructure. That spending continues, but many of the companies providing the hardware necessary to run AI chatbots, like ChatGPT and Gemini, are in the midst of a brutal sell-off that’s knocked the technology-heavy Nasdaq 100 down nearly 10% and flirting with correction territory.

The pain has been particularly hard felt among semiconductors and cloud plays, many of which have been taken to the proverbial woodshed, including these five, which tumbled over 50% from summertime highs to recent lows:

Intel: -58%

Arm Holdings: -55%

Oracle: -52%

Sandisk: -53%

KLA Corporation: -52%Source: Yahoo! Historical Quotes

AI spending boom fears take root

Stocks tend to move based on emotion, and now, into its fourth year, the AI trade has gotten pretty crowded. I’ve seen this movie before during my 30-year career, so it’s not surprising to me to see the drawdowns. The usual progression: A new idea lands with many doubters and few believers. As stocks run, more converts jump on board until most of the money on the sidelines has joined the party, leaving few new buyers to step in to support stocks on pullbacks.

Tech stocks like Intel didn’t drop because their businesses have suddenly imploded. Instead, they’ve dropped because supply from sellers locking in gains has dwarfed demand. Basic economics sounds simplistic, but sometimes the simple answer is the correct one.

If there’s a specific catalyst beyond protecting gains, ratcheting back peak data-center spending is the most compelling. There’s mounting fear that we’re about to hit peak capex for data center spending in 2027, setting the stage for a slowdown.

The stakes are high, given the dollars at stake.

In mid-October, JPMorgan said 2026 AI capex for the five biggest hyperscalers (Amazon, Alphabet, Meta, Oracle, and Microsoft) would be $900 billion, climbing above $1 trillion in 2027.

More Tech:

Meta and Microsoft just sent employees a memo about Anthropic

Microsoft cutting off popular software with no extension Oct. 13

Apple’s biggest AI advantage may face new privacy challenge

Most of that spending to date has been financed by free cash flow (and, arguably, by circular financing deals, thanks to investments from the likes of Nvidia). However, companies are increasingly turning to debt, exposing balance sheets to risk.

For instance, Goldman Sachs pegged the percentage of AI capex financed by debt at 33% in 2026, up from 26% in 2025. In 2027, Goldman Sachs says 35% will be paid for by debt, totaling roughly $400 billion.

If revenue growth underdelivers or lenders get antsy and borrowing gets pricier, we could end up with a major capex reset that unravels the AI trade, or so the bear argument goes.

Technology stocks have retreated over fears that AI capex spending will peak in 2027.Nikada / Getty Images

Bank of America says demand justifies spending

There’s a silver lining to more judicious AI capex, though, suggests Bank of America. Analyst Vivek Arya thinks that if capex budget cuts happen, it would “lower peak profit but preserve compute scarcity, extend the AI cycle and support higher multiples over time.”

Think a shorter peak and a flatter runway for the entire AI cycle, which could mean less boom-and-bust action for underlying stocks.

Arya thinks there’s plenty of incentive to continue investing in AI, given surging backlogs.

“With $2.5tn+ backlog and surging enterprise adoption, demand looks durable: scarce compute, not excess capacity, is the risk,” wrote Arya in a research note shared with me.

Also read: Elon Musk sends incredible news to Micron stock investors

“Slower supply growth against resilient demand could lift utilization, support pricing and reduce overbuild risk. The result could be lower peak earnings, but a longer earnings runway and potentially higher multiples for chipmakers already valued as if the cycle is ending,” added Arya.

Major hyperscaler revenue certainly seems to support the argument for spending.

Amazon’s AWS revenue rose 39%, Microsoft Azure sales grew 49%, and Google AI revenue increased over 100% year over year in the third quarter, according to Arya.

Are beat-down tech stocks bargain bin buys?

The risk of a slowdown or debt reckoning is reflected in the most punished technology stocks. Intel has been late to the party in terms of AI-optimized chips, but optimism over U.S. fab capacity builds, and deeper pockets from U.S. and Nvidia investments caused its shares to soar before the recent drop, despite operational headwinds.

At Oracle, the fear of overspending to become one of the biggest hyperscalers has raised major debt concerns, contributing to its recent drop, despite the company’s argument that its backlog is solid and justifies the push.

ARM Holdings makes its money by selling semiconductor designs, and a slowdown in data center spending would crimp its upside. It has historically traded at a premium valuation because of its ‘asset-light/no-fab’ status, making it more susceptible to drawdowns as investors press sell on so-called expensive players first.

A downthrottling in capex would also be bad news for KLA Corporation, which makes inspection and measurement machines used to create semiconductors. If the data center buildout slows, so would chip demand, and the need for new fab equipment. Like ARM, KLA has long been considered a premium play in the semiconductor equipment space, trading at a higher valuation than peers such as Applied Materials and Lam Research, making it susceptible to sell-offs.

SanDisk sits in a different space, given that it makes memory, but lower spending on high-end server capacity means less memory is needed. Given the 303% surge in NAND flash memory this past year, and the historical cyclical nature of memory market demand, a bit of investors’ caution is warranted.

It’s hard to judge whether any of these individual stock drawdowns have run their course and are ready to reverse, but Arya thinks semiconductor plays aren’t overpriced relative to history.

“Since CY19, the SOX index has traded at 12.5x-30x forward PE multiple, ranging from a 20% discount to a 40% premium versus SPX. Today, 16.4x represents a 10% discount, consistent with AI-cycle troughs in CY23-1H26 and only 10pts above the deepest relative discount since CY19.”

Of course, stocks can always get cheaper, but Arya’s math shows that these stocks aren’t historically priced excessively, and that should give some modicum of comfort to bargain hunters, especially if Arya is right that a capex reset wouldn’t trigger demand destruction nearly to the extent some fear.

“The market therefore appears to be discounting capex risk before the demand data have cracked. If paying AI demand stays resilient, lower capex could reduce overbuild, preserve scarcity, extend the EPS cycle and justify higher multiples, in our opinion,” concluded Arya.

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JUST IN: Democrat Jon Ossoff Wins Reelection in Georgia Senate Race

November 3, 2026 MMN Editor Filed Under: THE NEWS

Democrat Senator Jon Ossoff won the Georgia Senate race on Tuesday evening.
Ossoff was first elected to the US Senate in 2021.
Republican Mike Collins worked to unseat Ossoff, but he came up short.

Decision Desk HQ projects Jon Ossoff wins the GA US Senate General Election
#DecisionMade: 7:18 PM EST
Follow live results here: https://t.co/JUE5jgmAa5 https://t.co/6h8LK0HDZm
— Decision Desk HQ (@DecisionDeskHQ) November 4, 2026

The post JUST IN: Democrat Jon Ossoff Wins Reelection in Georgia Senate Race appeared first on The Gateway Pundit.

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