TOPLEY'S TOP 10

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1. NVDA Holds Right on 200-Day

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2. Momentum ETF MTUM Down Yesterday vs. Big Rally in Market

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3. Reddit Gives Up 2 Years of Outperformance vs. Google in One Day

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4. Crude Oil ETF -13% in 5 Days

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5. 10-Year Treasury Solidly Holding Below 5%

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6. AI Venture Update

It has been a record year for AI startup investment, but the cracks are already starting to show.

• Voters passed a raft of ballot measures to restrict the data center buildout in the US midterm elections.

• OpenAI’s raised just $11 billion of a $30 billion target in its latest round and accepted a lower valuation, The Wall Street Journal reported recently.

• An AI-driven selloff knocked the Nasdaq almost 7% off its October high.

Even before these developments, global AI VC deal value fell 43.4% from Q2 to $94.3 billion in Q3, according to PitchBook’s Q3 2026 AI Report. Q3 marked a second quarterly decline from the $248 billion peak in Q1. Deal count also slid for the third consecutive quarter.

The drop was sharpest at the top, where funding for horizontal platforms, including frontier model developers Anthropic and OpenAI, fell from $201.8 billion in Q1 to $27.6 billion in Q3.

And as big tech players like Meta and Google compete on model pricing, pressure continues to mount on the other AI frontier labs.

Our analysts are bullish on a rebound, but OpenAI’s shrinking round suggests the biggest checks are getting harder to write.

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7. The Price of Capital Rising-Cresset

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8. China halts listings in bid to bolster struggling markets

CSI 300 index posted worst month in more than a decade in October

FT Zijing Wu and William Sandlund in Hong Kong

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9. Pew Research-Americans and AI Healthcare

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10. Good News on Youth Reading

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