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A lower PCE print still has a key issue of long-lasting inflation hitting other key data points, says Joe Mazzola of Charles Schwab. That will have trickle-down effects on U.S. consumers. He warns that investors also need to navigate a new quarter poised to see volatility from midterm elections and a high earnings bar. As for the reaction to Micron (MU) earnings, Joe notes AI strength across the board in the report with some investor hesitancy on gross margins. However, he raises the question: "is the stock priced for perfection?"

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There's no clear signs that Micron (MU) demand, nor that of its peers, is slowing down any time soon. The company's earnings showed an 11-fold increase in data center revenue with guidance offering little weakness. Marley Kayden outlines the key metrics behind Micron's revenue surge and explains why analysts are beating the drum on the company's outlook. Joe Tigay offers an example options trade for Micron.

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Thierry Wizman says long-end yields are rising as governments and hyperscalers flood the market with debt to finance AI infrastructure buildouts. He expects the Fed to hold in October but warns that energy and food price spikes could force another hike. On currencies, he sees high oil as unambiguously good for the dollar and bad for the euro, sterling, and yen.

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Wayne Kaufman says the market is entering the sweet spot of the presidential cycle and recommends staying overweight tech. He believes investors are underestimating the AI buildout, pointing to surging high bandwidth memory demand and data center capacity near full. His top picks include Taiwan Semi (TSM), AMD (AMD), Microsoft (MSFT), and Western Digital (WDC).

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Accenture (ACN) shares soared after its earnings report, which Diane King Hall attributes to success in the company's plans to capture AI demand. Goldman Sachs added Amazon (AMZN) to its conviction list and set a $375 price target for the stock after the Mag 7 giant penned a 20-year deal with Constellation Energy (CEG). Diane notes that Wells Fargo added Microsoft (MSFT) to its tactical ideas list and raised its price target for the software giant.

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Thursday's "strong" jobless claims print sets the bar a little higher for Friday's September jobs report, says Kevin Hincks. One point of concern for equity investors lies in Treasury yields and their steady rally. The 10-year yield knocked on the door of 24-year highs heading into the trading session. Kevin addresses how the moves in fixed income create an unsteady foundation for equities. However, Micron (MU) earnings prove that the AI trade is going nowhere, along with Amazon (AMZN) and Constellation Energy (CEG) penning a 20-year nuclear power deal. Alphabet (GOOGL) also announced Gemini 4 as it continues to expand AI capabilities.

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Brian Glenn, CIO of Premier Path Wealth Partners, says the market sits at all-time highs despite over half of S&P names being in bear market territory, with $6 trillion in AI-related CapEx through 2030 still searching for ROI. He sees pharma as a key AI beneficiary, noting Roche's 3,500 Nvidia (NVDA) chips speeding drug discovery, and highlights Alcoa (AA) as a cheap pick at eight times earnings with aluminum demand tied to electric grid upgrades and data center cooling.

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Nike (NKE) shares are at historic lows as the legacy athletic wear company struggles to find footing in its turnaround story. Rick Ducat shows the stock's stark selloff and the downward funnel forming in the chart ahead of earnings Thursday. He turns to an example options trade for Nike.

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Invesco's Charlie Rose sees "a lot of downside risk" to investing in AI data centers, a contrarian take among broader Wall Street views. While this corner of the market is something he says offers short-term growth opportunities, the long-term outlook is a different story due to "binary risk." Charlie adds that the climb in Treasury yields raises warning flags for the real estate space.

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The fourth quarter is officially underway on Wall Street. George Schultze recaps the volatile third quarter and how it sets the stage for a "mixed stock market" to close out the year. He then addresses the "big question" for Micron (MU) after the company posted strong earnings: what happens when companies pull back AI spending? George believes the AI memory industry is at the "peak" and will experience a correction.

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