ORCL -8.8% on $20 billion single-day debt raise; chip rout deepens

Monday's session ran two stories simultaneously: earnings across five major companies, led by record annual revenue at Apple and 96% growth at Palantir, and a deepening chip rout that hit Oracle and Intel at 8.8% each.

Earnings

$AAPL reported a record $479 billion in annual revenue with a strong Q4 print. $PLTR reported 96% Q3 revenue growth and raised full-year 2026 guidance. $GS reported $1.5 billion in Q3 trading losses. $XOM reported Q3 profit more than doubled on oil-price strength and raised buybacks to $110 billion, yet fell 4.0% — analysts see limited near-term upside with the beat already priced in. $WMB fell 4.2% after missing Q3 EPS by one cent on revenue that cleared estimates.

Oracle and the chip rout

$ORCL fell 8.8% after announcing it would raise $20 billion in new debt in a single day — not over four years as previously guided. The acceleration was the issue; Oracle already carries $125 billion in outstanding debt. Stephens upgraded ORCL to Overweight at a $213 target the same afternoon; the stock closed well below Friday's print regardless. $INTC fell a matching 8.8%, extending a rout that has cut the stock roughly in half since September. Chip stocks have shed an estimated $3.7 trillion in combined market cap since October, with Intel's weak Q4 guidance as the proximate cause; the company separately confirmed participation in a $700 million AI startup funding round. $AMD dropped 7.5%, pulled by Intel's forward guidance ahead of AMD's Tuesday earnings print — Q4 Helios AI chip guidance is the number that will move the stock from here. AMD's Q2 earnings ran in the August 4 issue. $AMAT fell 4.0% in step with the semiconductor complex; no company-specific catalyst was available.

Other movers

$COP dropped 4.7% ahead of its November 5 earnings report; no Monday-specific catalyst was available. $GE rose 4.6% on a Q3 beat and raised guidance. $ABT gained 3.7% after one-year Amulet 360 cardiovascular trial data showed high stroke-prevention rates ahead of a potential FDA submission. $COIN fell 4.0% on a 35% year-over-year Q3 revenue decline and a Morgan Stanley downgrade to Underweight; CEO Armstrong separately filed a plan permitting up to 8.2 million share sales beginning November 16.

Filings desk

P&G raised $352.2 million in floating-rate notes maturing in 2076. Intel's EVP sold $5.3 million in restricted stock awards on the same session the stock hit a multi-month low. Mitsubishi UFJ Financial sold $111 million in Morgan Stanley shares. Qualcomm's CEO sold $1.9 million for tax withholding.

What we set aside

Two proxy and governance filings were dropped — board mechanics are not catalysts. Nine filings were held as stale. $C and $PM produced no substantive news in the sweep window.

The desk is watching AMD's Tuesday earnings print for Q4 data-center guidance.