Wednesday, October 14, 2026: ASML's huge earnings beat, September CPI +0.6% on gasoline, and Japan's $21 billion bet on GlobalFoundries chip plants.

Iran is targeting Starlink as a tool of war and hinting at more internet curbs. Watch satellite comms risk premium and any escalation that pulls in telecom or defense names. Earnings season is heating up: ASML huge beat, PGR topped Q3 estimates, JNJ has growth but MedTech is still a drag. UBS says more beats are coming. Good signal for breadth. Japan to invest up to $21B in two US chip factories run by GlobalFoundries. This is industrial policy at scale. GFS gets capacity and backing, but execution is the whole trade. Nvidia and ChipAgents launched a benchmark for AI-powered chip design. OpenAI's computing chief Sachin Katti is leaving next month. The issue is compute leadership turnover while Nvidia pushes deeper into design tools. September CPI rose 0.6%, gasoline leading. Bond yields are spiking again. Prediction markets give 85% odds CPI stays above 3.5% through Nov 2026 and 85.5% odds Fed funds upper bound is above 3.75% after Mar 2027. Bad signal for duration. Trump's diesel dile

Iran is targeting Starlink as a tool of war and hinting at more internet curbs. Watch satellite comms risk premium and any escalation that pulls in telecom or defense names.