Weekly Market Recap Thursday's selling centered on AI and the chip supply chain. Chip equipment maker Lam Research (LRCX) said on its earnings call that supply chain limits kept its revenue guidanceWeekly Market Recap Thursday's selling centered on AI and the chip supply chain. Chip equipment maker Lam Research (LRCX) said on its earnings call that supply chain limits kept its revenue guidance

Belajar/Wawasan Pasar/Analisis Topik Populer/US Stocks Weekly on October.17-22 | Nasdaq Plunges 2.6% in One Day, Goldman Says AI Capex Is About Half of S&P 500 Earnings Growth

US Stocks Weekly on October.17-22 | Nasdaq Plunges 2.6% in One Day, Goldman Says AI Capex Is About Half of S&P 500 Earnings Growth

Penulis: MEXC

Oct 23, 2026MEXC

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Weekly Market Recap

Thursday's selling centered on AI and the chip supply chain. Chip equipment maker Lam Research (LRCX) said on its earnings call that supply chain limits kept its revenue guidance from being somewhat higher, and that tightness in cleanroom space and some components will last into 2027. On the day, Lam Research fell 11.8%, Nvidia fell 4.4%, AMD fell 8.1% and Intel fell 8.0%.

The night before (Wednesday after the close), Meta reported Q3 results: revenue of $64.6 billion, up 26% year over year. The stock rose more than 3% after hours but closed down 7.0% the next day. The company narrowed its 2026 capex guidance to $135 to $145 billion and announced a new non-voting share class.

On the macro side, Brent crude rose to about $113, a five-month high; the 10-year Treasury yield slipped below 5%; and initial jobless claims fell to 194,000 on Thursday, about a three-month low. (These macro figures come from a single media report; refer to the original for exact definitions.)

What Institutions Say: Three Words From Goldman

Goldman Sachs' 10/16 report offers the most useful framework of the week. The keywords are concentration, slowdown and capex:

Concentration: the S&P 500 sits about 2% below its record high, yet the median stock is about 15% below its own high; Goldman's breadth measure is near its tightest since the dot-com era.
Slowdown: Goldman still expects the rally to continue, but sees less room for large upward earnings revisions, so the pace should moderate.
Capex: Goldman estimates AI capital spending accounts for about half of S&P 500 earnings growth and expects that contribution to shrink as spending growth slows. Strategist Ben Snider kept his year-end S&P 500 target at 8,000.

Institutional views are quoted from public reports, are third-party opinions only, and do not represent MEXC's position.

This Week's Five Stocks in Numbers

Ticker	Week	YTD	52-week position	Volume multiple
NVDA NVIDIA	-0.9%	+13.8%	61%	1.0x
AMD AMD	-3.9%	+137.2%	68%	1.2x
INTC Intel	-4.9%	+131.7%	48%	1.2x
LRCX Lam Research	-12.3%	+33.6%	31%	2.2x
META Meta Platforms	-8.5%	-1.7%	50%	2.1x

Notes: 52-week position = (price − 52-week low) ÷ (52-week high − 52-week low) × 100; volume multiple = day volume ÷ one-month average volume. Lam Research's weekly and YTD figures were provided manually by the research team. These are publicly discussed names, not recommendations.

Stock Focus

Lam Research (LRCX): it sells the machines that make chips. The key message this week is capacity: the company says the limits will run into 2027. You can split it into two things: weak demand hurts orders, while limited capacity holds back shipments, and this time the company described the latter. Thursday's volume was 2.2x the one-month average, and the 52-week position is 31%.

Meta Platforms (META): up after hours following earnings, down the next day, with the market reading revenue and capex at the same time. Quarterly capex was $34.9 billion, 2026 guidance is $135 to $145 billion, and the new non-voting shares are meant for uses including financing, employee compensation and possible acquisitions. Thursday's volume was 2.1x the one-month average.

Weekly Discussion

Moves are concentrated in a few companies. When you look at the index, check how much of its move comes from the same group of companies. Goldman's breadth data shows that an index near its high does not mean most stocks are near theirs.

Capacity or demand: which hits the ceiling first. Lam Research talks about capacity; Goldman says the AI capex contribution should shrink as spending growth slows. Next week's earnings from Microsoft, Alphabet, Amazon and Intel are the first public material to test both views.

Key Dates Next Week (US trading days; earnings times are estimates)

Date	Event
10/26 Mon	Verizon (VZ) earnings before the open
10/27 Tue	US consumer confidence; Coca-Cola (KO) before the open, Visa (V) after the close
10/28 Wed	Fed rate decision; Microsoft (MSFT), Alphabet (GOOGL) after the close
10/29 Thu	US Q3 GDP (advance) and core PCE; Amazon (AMZN), Intel (INTC) after the close
10/30 Fri	Exxon Mobil (XOM), Chevron (CVX) before the open

Q&A

Q1: How did the S&P 500 and Nasdaq do this week?

From the 10/16 close to the 10/22 close, the S&P 500 was +0.05% and the Nasdaq Composite -0.50%. On Thursday alone, the S&P 500 was -1.21% and the Nasdaq -2.60%.

Q2: Why did the Nasdaq fall so much on Thursday?

Media reports point to several things at once: Lam Research citing supply chain limits, the capex debate around large tech companies such as Meta, and higher oil prices. Note that the companies did not explain the share price moves themselves; these are market interpretations.

Q3: What does Goldman Sachs think of US stocks now?

Goldman thinks the rally can continue, but breadth is narrow, AI capex is about half of S&P 500 earnings growth, and the pace should slow; its strategist kept the year-end S&P 500 target at 8,000.

Q4: What does Lam Research mean by "supply chain constraints"?

The company said that because cleanroom space and some components are tight, its revenue guidance could have been somewhat higher, and such limits will last into 2027. It is describing capacity and shipment pace, not demand.

Q5: Which events matter most next week?

The Fed decision on 10/28, plus how Microsoft and Alphabet (10/28), Amazon and Intel (10/29) talk about capex in their earnings. These are things to watch, not trading instructions.

Disclaimer: This article is compiled and written by the MEXC RealStocks team. The data in this article is based on the closing of the US stock market on October 22, 2026. Wk = 10/17 close to 10/22 close (4 trading days); YTD = 2025/12/31 close to 10/22 close; 52-wk position = (price − 52-week low) ÷ (52-week high − 52-week low) × 100%. The content is a compilation of public market information, and individual stocks are publicly discussed targets, which do not represent the recommendation or opinion of MEXC and do not constitute any investment advice. Institutional views are cited from public reports; they are third-party opinions only and do not represent MEXC's position. More US stock content: @MEXC | @Alpha_MEXC | @MEXC_Research

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What Institutions Say: Three Words From Goldman

This Week's Five Stocks in Numbers

Stock Focus

Weekly Discussion

Key Dates Next Week (US trading days; earnings times are estimates)

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