Schwab Network

Caterpillar (CAT) says tariffs could cost the company up to $1.8B this year, with a $500M-$600M hit in just its 3Q alone. Kevin Horner constructs the technical framework and foundation for its chart and points to the current levels of support. He highlights the $410 level as a point of confluence where volume, moving averages and past areas of price action have taken place.

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Kevin Green kicks off Friday’s premarket coverage with his eyes on the AI cycle seeing shifts from infrastructure investments to real-world use cases and solutions. He discusses September seasonality trends and what investors need to know. KG says we may be back to “bad news is good news” on labor data as investors await the FOMC decision. Later, KG provides his takeaways from Marvell (MRVL) and Dell (DELL) earnings.

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Sam Vadas talks with Robostore's Teddy Haggerty, KraneShares' Derek Yan, and even the KOID humanoid robot to talk about the future of robotics and its impact on Wall Street. They talk about the "brains" behind robotics that go beyond Nvidia (NVDA) and directions the industry is heading. Derek discusses how the KOID ETF aims to take advantage of growing traction in evolving tech.

See Sam's previous meeting with KOID: KOID Robot Visits Schwab Network #shorts

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Stocks moved higher even as Nvidia (NVDA) traded lower after data center revenue disappointed. However, other stocks tied to the A.I. theme, from energy names like Oklo Inc. (OKLO) to rising cloud computing companies like CoreWeave (CRWV), rallied on the session. Broadcom (AVGO) shares climbed thanks to a price target hike from Oppenheimer. Marvell (MRVL) was left out of the A.I. rally after posting in-line revenue and guidance after hours. Sam Vadas takes investors through an A.I.-heavy session on Wall Street.

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Even though Dell Technologies (DELL) took a hit after hours following earnings, Daniel Newman says its tie to Nvidia (NVDA) and the A.I. ecosystem makes it a strong company. He adds that the A.I. bubble is overexaggerated and sees the evolving tech leading market growth in the future. He explains how Nvidia will retain its position as the leader and ways related companies can rise in the agentic A.I. era.

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Some A.I. companies and names tied to the A.I. theme rallied on the session on the back of Nvidia's (NVDA) earnings. Dell Technologies (DELL) and Marvell (MRVL) did not. Kevin Green, Alex Coffey and Sam Vadas take a closer look at the reports to analyze why both stocks sold off after hours.

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While the U.S. government captured headlines throughout the week, Charles Schwab's Michelle Gibley turns to stories impacting global finances. She talks about massive volatility occurring in France as fears of a government collapse leaves its economic future uncertain. Michelle draws parallels between its markets to the U.S. As for China, she mentions how the country's "DeepSeek moment" reignited hope for Chinese stocks that were once considered "uninvestable."

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The SPX moved higher on the session and showed a significant upside channel into 6,500 resistance. Kevin Green says he needs to see that channel hold for the next couple of sessions for bullish optimism to solidify. He adds that VIX was at its lowest level since December, though a readjustment may come sooner than expected. On Nvidia (NVDA), Kevin points out how the A.I. stock is testing a breakout to new all-time highs.

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Malibu Boats (MBUU) CEO Steve Menneto explains the 30% revenue growth in Q4, driven by strong demand for new boats, and discusses the company's prudence in its fiscal 2026 outlook despite a challenging marine industry. He attributes the softer-than-expected guidance to macro headwinds, including tariffs and interest rates, which have led to a decline in discretionary demand. Menneto also notes the growing popularity of wake surfing and fishing, and the continued desire for families to spend time on the water, which bodes well for the overall marine industry.

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Michael Rosen shares his insights on the recent earnings season, highlighting the resilience of the AI theme and the outperformance of tech leaders like Nvidia (NVDA). Despite some concerns around monetization and China, Rosen believes the facts support a continued bull run, driven by strong earnings across sectors and a favorable economic environment. He also touches on the potential for rate cuts and the impact on the market, but remains skeptical about the long-term outperformance of small-cap companies.

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