Schwab Network

Charles Schwab's Adam Lynch recaps the recent bout of crypto weakness after Bitcoin tapped $87,000 just a couple weeks prior. He goes over the bearish trends pushing cryptocurrencies lower. Also on Adam's radar: the Token2049 conference in Singapore. He then addresses the CFTC and SEC bolstering crypto regulation on their own after the Clarity Act failed a key procedural vote in the Senate last month.

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"Who asked for this product?" It's the biggest question Peter Andersen asks for Microsoft's (MSFT) new Surface Laptop Ultra powered by Nvidia (NVDA) RTX Spark. While he notes the "impressive" AI capabilities the piece of tech can handle, Peter remains skeptical on profit expectations due to its "extremely steep" price point. He discusses ways Microsoft can win consumers over as many get ready for the upcoming holiday shopping season. The biggest challenger Peter sees getting in the way of success: Apple (AAPL).

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Goldman Sachs raised its 2026 U.S. data center capacity by 5 gigawatts to 64GW in 2026 while lowering its 2027 forecast by 5GW to 90GW. As Lisa Martin explains, the data center boom is broadening and becoming more physical. However, additional commitments from Meta Platforms (META), OpenAI, and others don't offer much wiggle room amid existing supply constraints. Ron Westfall believes Goldman Sachs' estimates will come to fruition due to the demand push outweighing supply. He explains how AMD Inc. (AMD) and Western Digital (WDC) will serve as key beneficiaries in the expansion.

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John Wilson, co-CEO and portfolio manager at Ninepoint Partners, discusses the newly launched ENRG ETF and the investment case for North American energy independence. Wilson highlights growing energy demand from AI, data centers, and electrification, while discussing opportunities in traditional energy, uranium, and critical minerals. He also points to holdings including Exxon Mobil (XOM), Chevron (CVX), Diamondback Energy (FANG), Suncor (SU), Cenovus (CVE), and Canadian Natural Resources (CNQ).

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David Nelson previews Delta Air Lines (DAL) earnings and discuss the broader airline sector. Nelson examines elevated fuel costs, softer passenger traffic, rising airfares, and airlines' efforts to maintain margins through premium seating and add-on fees. He also explains Delta's competitive advantages, including its refinery ownership, compares the outlook for competitors such as American Airlines (AAL), and discusses why investors will be focused on forward guidance and demand trends as earnings season gets underway.

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LikeFolio's Andy Swan discusses Delta Air Lines (DAL) ahead of earnings. Swan highlights strong travel demand, rising flight bookings, resilient consumer spending, and the continued strength of premium travel despite higher fares and elevated fuel costs. He also compares Delta with United Airlines (UAL), weighs the impact of pricing power, loyalty trends, and in-flight Starlink connectivity, and explains why he remains bullish on DAL heading into earnings.

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Tsvetta Kaleynska and Noah Kann discuss PepsiCo's (PEP) earnings beat and lowered full-year guidance. They examine weak North American trends, strong international growth and lingering investor concerns surrounding the Gatorade recall. The pair also discuss the shift toward lower-sugar, functional and protein-focused beverages, including PepsiCo’s Poppi acquisition. They argue that health, wellness and GLP-1 trends are creating a long-term change in consumer behavior across the beverage and snack industries.

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Jason Brown turns to a trio of stocks that that have seen numerous headlines over recent trading days. For Constellation Energy (CEG), Jason expects the company to pen more deal linked to AI data center expansions. He like NetApp (NTAP) as an alternative AI play, along with Ciena (CIEN) as it builds "highways" for AI technology. Jason offers example options trades for his Big 3 while Kevin Green turns to his technical analysis in the stock charts.

======== Schwab Network ========

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Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6D

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Thomas Urano says strong demand at the latest 10-year Treasury auction shows investors, including foreign buyers, are finding value despite elevated yields. He discusses whether 10- and 30-year yields could reach 6%, as well as foreign demand, yield volatility and fiscal concerns in Europe. Urano also highlights an underappreciated pressure on the bond market: heavy government borrowing is competing with a massive private-sector AI investment cycle for the same global capital.

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The S&P 500 (SPX) and Nasdaq-100's (NDX) narrow leadership has made Tony Zhang "selectively bullish." Expanding market breadth is making him more "constructively bullish." He talks about key levels he believes the S&P and Nasdaq need to hold to solidify bullish expectations. Turning to his example options trades, he sees "cheap" opportunity in Nvidia (NVDA) as the stock approaches an upside target of $270. Tony tilts more bearish in his Citigroup (C) trade.

======== Schwab Network ========

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Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6D

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