Digital Meson Signal Library

Money came back to software this week, but not evenly. JPMorgan’s call that the rally runs through Q3 favored data and infrastructure names, and Salesforce fell 2.4% while the software index rose 3.9%. Application vendors still have to show that agents need them. The risk in AI has moved from demand to financing: Broadcom, Oracle and SpaceX are raising tens of billions in debt for chips with the 10-year Treasury near 5.3%, and chip stocks fell about 4% even as TSMC and Samsung posted record quarters. Memory buyers have lost their leverage. Samsung has reportedly sold 75–80% of next year’s output under long-term contracts, and HBM prices are expected to roughly double in 2027. This week, watch Wednesday’s CPI, which decides whether the Fed hikes on October 28, and TSMC’s full third-quarter results.