(This is not investment advice!)

$AAPL (-2,6%)
$MSFT (+2,97%)
$NVDA (+2,31%)
$AMZN (+2,2%)
$GOOGL (-0,1%)
$META (+2,09%)
$TSM (+1,61%)
$GEV (+5,68%)

October 2026 Review

📊 Performance & Markets

🏆 Hot Factor Favorite: $NVDA (+2,31%)

👑 King Midas Factor: $MMM (-1,02%)

💶 1 Swiss franc traded at 1.08 euros.

Monthly performance for October: -0.3%

YTD: currently at +10% – which puts me 5 percentage points below my annual target.

₿ Crypto & Alternative Investments

Crypto: The savings plans continue as usual.

Timeless: No new individual purchases. Instead, I’ve once again invested €2,000 in the following: WKN: A4AWHP Timeless – Collectible Investments

Unitplus: The card feature will be discontinued in mid-December. I’ve @DagobertDog already published a post about this.

🍷 Winery: No news.

📈 Individual Stocks, ETFs & Savings Plans

🟢 Purchase: In November, I’ll pick out a few things again.

🔴 Sale: None.

🏅 Top of the Month: Opentext

📉 Flop of the Month: $CWR (+2,14%)

🚀 Crowdcube & Startups

No news.

🧠 Nao

The savings plans are continuing as usual.

🌴 Personal Recap

October was quite chaotic and had a lot to offer.

Right in the first week, I managed to swallow a fishbone in the cafeteria—for the second time already. Back on the ward, I had a quick phone call with our chief physician, who promptly scheduled me for an endoscopy after work. Unfortunately, he could only identify the lesion by then. With my EOE, something like that can quickly become uncomfortable. It resulted in a week of pain, but otherwise everything was fine. The beer at the European Darts Championship definitely helped with my recovery. 😁

Speaking of darts: Going out in Switzerland with two friends and blowing 150 francs on drinks in four hours—that’s something you can do once in a while.

The following week, it was time for our last vacation of the year. Bella Italia treated us to another week of sunshine. The most expensive thing during the whole trip was actually the parking garage in Venice: 25€ for four hours. Other than that, everything was pleasantly affordable: gas, coffee, pizza, and even our shopping spree.

Once we got back home, the spending continued right away. We needed a newer smartphone, and my wife got an e-bike. I also signed up for supplemental dental insurance and received the rate adjustment notice for my private health insurance.

As if that weren’t enough, the homeowners’ association meeting was also coming up. The result: a €300 back payment and an additional €35 in monthly maintenance fees starting next year.

In addition, my savings account was transferred to the Neo Depot.

All in all, it was a pretty expensive October. Despite all these expenses, though, I was still able to set aside a four-digit amount for the next extra payment

🎙️ Podcast: Season 3, Episode 1 Topic: Financial Goals.

🔮 Outlook for November

November should be a bit calmer, at least financially and organizationally. However, I only have one free weekend, so I’ll hardly have any time for other things.

Other than that, nothing special is on the agenda so far. The year is slowly coming to an end, and the final weeks of 2026 are just around the corner.

How about you? How was your October?

If you’d like to learn more, feel free to follow me. And if you don’t like my investments, just ignore or block me.

I received something quite interesting from a colleague today.

The exact source remains confidential for security reasons, and I’m only sharing a redacted version:

I’d like to show you the stock recommendation list from one of Switzerland’s largest universal banks and hear your thoughts on it:

THIS DOES NOT CONSTITUTE INVESTMENT ADVICE AND IS FOR INFORMATIONAL PURPOSES ONLY.

International growth stocks:

Technology (Top 3 – BUY):

$GOOGL (-0,1%): BUY – Price target at 584.55 USD – Revenue growth 15.2%, net profit margin 32.8%

$MSFT (+2,97%): BUY – Price target of 810 USD – Revenue growth 14.93%, net profit margin 36.15%

$NVDA (+2,31%): BUY - Price target of 542 USD - Revenue growth 114.2%, net profit margin 55.85%

Consumer Staples (BUY):

$LISN (+0,84%) Lindt & Sprüngli: BUY - Price target of 12,500 CHF - Revenue growth of 8.18%, net margin of 12.29%

Consumer Discretionary (BUY):

$AMZN (+2,2%) Amazon: BUY - Price target at $405 - Revenue 12.38%, net margin 10.83%

$MELI (-0,33%) Mercado Libre: BUY - Price target of 3,487 USD - Revenue 39%, net margin 6.9%

Also a BUY: $MC (+1,22%)
LVMH and $CFR (-0,55%) Richemont

Note:

Please keep in mind that this is a snapshot. The rating could change from BUY to SELL by the next day without being updated in this post.

If you find this post interesting, I may share something similar again in the future.

I find all the stocks mentioned here very interesting and have already given them some thought myself.

Just for fun, I opened a test portfolio and bought each of the mentioned positions at the current price for about CHF 1,000. Depending on the situation, I’ll sell them when they reach the stated price targets.

Let’s see what happens...

Let’s get rich... or something like that...

Feel free to save this post for later!

What happens to an industry where demand is skyrocketing but which suddenly can’t get any more money?

This question has been on everyone’s mind since yesterday. Elon Musk wrote on X that the credit markets had AI data center operators. Just a few days earlier, the Nebius CEO himself had admitted that key sources of capital had temporarily dried up.

1. The Statements

• Elon Musk: In recent weeks, the credit markets have cut off all companies without significant revenue outside of AI data centers had almost completely cut off access to funding. $SPCX (+2,86%) I’ve taken on $40 billion in debt for GPUs, but only thanks to investment-grade (= high creditworthiness according to rating agencies) and revenue from Starlink and rocket launches. He predicts a mass extinction and consolidation . He rules out the possibility of SpaceX acquiring any Neoclouds.
• Chamath Palihapitiya: Neoclouds are disorganized and poorly capitalized. By 2027, there will be a lot of partially unused computing capacity, and that year will weed out many bad investments.
• Arkady Volozh, CEO of $NBIS (+4,85%): Asset-backed financing and debt markets have temporarily dried up. Nebius is working with customer prepayments and other instruments that should be sufficient to build at least the one gigawatt planned for this year.
• Gartner: As early as mid-October, the research firm predicted that by 2030, over 80% of neoclouds would no longer be independent.

Context: Musk is a direct competitor to traditional Neoclouds, as he rents out GPU capacity himself—SpaceX could benefit from negative headlines.

2. Why a lack of capital affects the valuation:

Neoclouds build and buy first, but the money doesn’t come back for years.

This results in a simple chain:

1. Growth requires capital.

2. Capital becomes expensive or is no longer provided at all: CoreWeave bonds $CRWV (+5,42%) maturing in 2031 yielded at times nearly 16%. At this price, projects are barely profitable, so this funding channel is largely closed.

3. Valuations factor in high growth: The market has priced in years of capacity expansion.

4. This growth cannot be delivered without capital: What isn’t financed won’t be built. Lower growth → lower stock prices. On top of that, companies are raising capital by issuing new shares at low prices, which dilutes the holdings of existing shareholders dilutes and creates further downward pressure.

5. Valuations are coming under pressure: Growth expectations are falling, while at the same time the interest rate used to discount future earnings is rising.

4. How are different types of financing affected?

Closed channels:

• Unsecured high-yield bonds
• GPU loans without high-credit-quality customers
• Asset-backed financing for Neoclouds

Open, but tighter and more expensive:

• Secured loans with investment-grade borrowers: Nebius received on October 22 $3.5 billion from $C (-0,6%), though with a term of only one year
• Stock sales that dilute shares more significantly when prices are low

Outstanding:

• Customer prepayments
• Bonds for hyperscalers and corporations with other sources of revenue

5. Why isn’t a booming business getting funding?

Investors aren’t short on money. $GOOGL (-0,1%), $AMZN (+2,2%), $META (+2,09%) and $ORCL (+5,9%) have invested over $228 billion in bonds.

The reason lies in the lender’s logic:

• No share in the boom: If GPU rental rates double, the shareholder benefits. The lender receives only the interest, but bears the loss in the event of a crisis.
• Uncertain collateral: Financiers estimate that a GPU’s value after three years will be 10 to 60 percent of the original price. This is a huge range when billions are invested in GPUs.
• Macro: Due to the Fed’s interest rate hike in September and an oil price above $100 caused by the war in Iran, new issuances in the high-yield market plummeted in October.

Has this ever happened before?

• Data Centers in 2001: Exodus Communications, then one of the largest data center operators, went bankrupt, and its facilities were sold off cheaply. Equinix $EQIX (+2,05%) barely survived, $DLR (+1,96%) and was later formed from acquired real estate. Data centers became a huge business—but only for the next owners.
• Fiber Optics 2000–2002: The demand for the Internet was real, but funding dried up. Global Crossing and WorldCom went bankrupt.
• Shale Gas 2015/16: The high-yield energy market dried up; many producers went bankrupt, and the most cost-effective ones took over the rest.
• Crypto Miners 2022: Core Scientific filed for bankruptcy and is now an AI rental provider itself.

The pattern is always the same: When the capital market closes for a capital-intensive industry, the balance sheet, not demand. In these examples, macro-driven freezes lasted weeks to months, while freezes affecting an entire industry lasted about one to three years.

6. Which Neoclouds are affected

The key factor is the business model:

• Landlords with tenants of high creditworthiness:
  $CIFR (+16,23%) with Amazon as the direct tenant, $WULF (+13,41%) backed by Google. In the case of $HUT (+15,32%), $CLSK (+12,88%) and $RIOT (+16,49%) investment-grade credit protection is still pending. Banks are primarily reviewing the tenant in these cases, which is why financing continues. They benefit very little from the rise in GPU prices because their rents are locked in for 10–20 years.
• Landlords with a large CoreWeave stake: Galaxy $GLXY (+14,39%) and Core Scientific, and to some extent also $APLD (+8,72%), where a hyperscaler now accounts for the majority of tenants. Their risk hinges on the industry’s weak link.
• GPU clouds: $IREN (+9,71%) , $NBIS (+4,85%) , $CRWV (+5,42%) , $USCTF (+15,01%) and $BTDR (+11,66%) . This is exactly the channel Musk is referring to. Nebius relies on contracts with $MSFT (+2,97%) and Meta, while IREN relies on Microsoft; on top of that, there are substantial upfront payments: At Nebius, they cover about 50–60%, and at IREN, about 45% of the respective investments. CoreWeave, on the other hand, contributes about $50 billion in debt and lease obligations.
• Without a signed AI contract:
  $MARA (+10,94%) and $KEEL (+14,8%). They need customers and financing in the midst of the lockdown.

7. Conclusion

Overall, Musk’s statement is exaggerated, but essentially correct: For companies that only sell GPU rentals and don’t have customers with high credit ratings, the credit market is currently closed.

However, there’s a contradiction in this situation: What isn’t financed won’t be built, and that further reduces supply further, while Musk himself speaks of exploding demand .

Companies that can finance their capacity are likely to benefit from this.

Customers who urgently need computing power will become more aware of this problem, which could potentially increase prepayments for contracts. In addition, customers could use their own creditworthiness as collateral for their AI computing power providers or become lenders themselves.

In my view, therefore, one question above all else will determine the future of the industry:

Who can secure financing to sustain these growth rates?

The quarterly results in November will provide answers; particular attention should be paid to the financing structure and prepayments.

Sources:

https://x.com/elonmusk/status/2114434646914068862

https://x.com/chamath/status/2114389987563381004

https://www.bloomberg.com/news/articles/2026-10-25/musk-says-spacex-closed-40-billion-debt-deal-blasts-neoclouds

https://www.youtube.com/watch?v=ElxZFG9lfmQ

https://www.sec.gov/Archives/edgar/data/0001513845/000110465926117978/tm2628078d1_ex99-1.htm

https://www.cnbc.com/2026/10/14/coreweave-stock-bond-yields-ai-debt.html

https://www.advisorperspectives.com/articles/2026/10/21/surging-yields-biggest-debt-sale-delay

$NVDA (+2,31%)$AMD (+3,66%)$MU (+1,59%)

By Emily Bary

DOW JONES--According to Elon Musk, SpaceX has secured $40 billion in debt financing amid widespread skepticism toward artificial intelligence (AI). This will enable SpaceX to acquire graphics processing units (GPUs)—a type of AI chip—Musk announced on X, a platform he also owns. SpaceX is rapidly expanding its Neocloud business, through which the company leases access to chips to businesses that need AI computing power.

Musk explained that SpaceX’s investment-grade rating and the company’s diversified business model—which includes revenue from rocket launches and Starlink satellite technology—made the transaction possible. In a separate post, Musk noted that the debt consists “primarily of callable debt for GPU purchases to be delivered in the first and second quarters” and that the agreement would not be a “material factor” in the current quarter. SpaceX did not immediately respond to a request for comment on the debt financing.

In recent weeks, investors had become increasingly nervous about debt financing in the AI sector—particularly in connection with Neocloud companies like Coreweave, which rely on debt to fuel their growth. The pressure on Coreweave’s bonds has caused unease across the tech landscape, partly due to the close interconnections among large corporations. Coreweave did not immediately respond to a request from MarketWatch for comment on Musk’s remarks.

“Over the past few weeks, the credit markets have almost completely cut off access to funding for nearly every company that cannot demonstrate significant revenue independent of AI data centers,” Musk wrote in his X post on Sunday. He also predicted that “more than 200 Neocloud providers will experience a Guppy-level mass extinction and a wave of consolidation.” “Some will make it through, but not many,” he added.

Musk further hinted that his company would not be part of any future industry consolidation. He wrote: “SpaceX isn’t buying any Neoclouds. Completely pointless.”

Contact: redaktion.de@dowjones.com

DJG/DJN/hab/mgo

(END) Dow Jones Newswires

October 26, 2026 04:15 ET (08:15 GMT)

(c) 2026 Dow Jones & Company, Inc.

$SPCX (+2,86%)
$CRWV (+5,42%)
$IREN (+9,71%)
$HUT (+15,32%)
$NVDA (+2,31%)

$SPCX (+2,86%) Earnings Call Statements on the AI Sector:

– Elon Musk: Every hyperscaler and dozens of smaller companies are asking SpaceX for computing power. If we were to say yes to all of them, we could rent out the capacity multiple times over.

– Bret Johnsen (CFO): At current prices, new data centers pay for themselves in less than a year.

– SpaceX deliberately leases on a short-term basis at market rates rather than through long-term contracts. Even older H100 chips from $NVDA (+2,31%) generate more rental revenue today than they did at the start.

– SpaceX’s capacity:

1.7 GW at the end of Q3

2.5–3 GW by year-end

~13 GW by the end of 2027

– The real bottlenecks are power and cooling, not chips.

– CapEx: $19.6 billion in Q3; SpaceX expects $35–40 billion for Q4.

https://ir.spacex.com

$IREN (+9,71%)$NBIS (+4,85%)$MSFT (+2,97%)$GOOGL (-0,1%)$ORCL (+5,9%)$CRWV (+5,42%)