TOPLEY'S TOP 10

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1. Record High ETF Short Volume

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2. Software ETF IGV Outperforming in Tech Pullback… One Month IGV +3% vs. QQQ -5%

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3. Interesting TSM Earnings Comments

Generally speaking, for a manufacturing business, 10%-15% profit margins is considered very healthy.

Well, Taiwan Semiconductor (a manufacturing business) has now generated 58% operating margins over the last 12 months.

During the 3rd quarter conference call, when asked about the long-term margin expectations for the business, Taiwan Semiconductor’s CEO had this to say:

“You are talking about whether the gross margin or the profitability can be increased or not. Let me say that, there is no ceiling for TSMC's profitability, but a dramatic increase will not happen overnight either. Our philosophy or our strategy always are working with our customer, and we want to make them be successful, and then we can gain our value.”

C.C. Wei, Taiwan Semiconductor CEO

While the debate rages on as to whether or not the semiconductor supply chain is over-earning thanks to AI-related demand, TSMC continues to take a careful approach towards capacity expansion.

According to CEO C.C. Wei, not only are they having ongoing discussions with their customers (and their customers’ customers) to ensure demand, but this quarter they began going one step further and sending their own teams of people to check on data center build-out progress.

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4. Risk On PLTR Stock Hits New All-Time Highs…

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5. IPO Update… S&P 500 Now Up Double the IPO ETF in 2026

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6. Tech Led South Korea -20% in One Month

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7. Falling P/E Ratios with Rising Earnings

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8. Best Performing Large Cap Stocks Fell on Average -19%

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9. Few Americans Using Chatbots for Midterm Election Info

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10. Births vs. Deaths

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