Pedestrians outside the Nasdaq market venue on Friday, October 16, 2026 in New York, USA.
Michael Nagle | Bloomberg | Getty Images
Hello, my name is Hui Jie from Singapore. Welcome to another edition of CNBC’s Daily Open.
The Nasdaq Composite Index rose overnight as investors appeared to return to the sector after a painful week for the tech industry.
Optimism is cautious, with debt worries remaining a key concern for a sector that has seen record bond issuance this year.
What you need to know today
Investors are once again flocking to tech products as concerns about AI funding, increased competition and the possibility of a chip glut in the next few years sent money out of the market last week.
The Nasdaq Composite Index rebounded more than 1% on Monday after falling 4.5% last week, snapping a four-week winning streak.
Intel rose 2% after JPMorgan analysts upgraded the chipmaker’s rating. Advanced Micro Devices rose 1.8% and Micron Technology rose about 3%.
However, it did not fully embrace the field. Funding concerns remain, especially for neo-cloud companies.
Neocloud’s mainstay Coreweave stock fell 0.4%, reversing its previous rise, despite Goldman Sachs upgrading the stock from neutral to buy.
Coreweave’s stock price fell more than 25% last week on debt concerns, the biggest one-week decline since November 2025.
Oracle is another company facing credit stress. Credit ratings could be downgraded and debt could fall into junk territory. Oracle’s rating on S&P Credit Ratings is BBB-, the lowest level on the investment grade spectrum.
While bonds remain investment grade, the change in sentiment can be seen in the spreads on Oracle’s five-year credit default swaps, which are insurance against default.
Oracle’s five-year CDS spread (premium) now stands at 295 basis points, after briefly reaching 300 basis points on Thursday. An increase of 287% in one year.
Gavan Nolan, executive director of fixed income pricing at S&P Global Market Intelligence, said this range is more in line with high-yield BB and B credits.
What will be the last AI IPO in 2026?
The conflict between the US and Ukraine continues
On the geopolitical front, tensions between Washington and Kiev continue to rise, with President Donald Trump saying Monday that he will meet with Russian President Vladimir Putin and Chinese President Xi Jinping to discuss how to end the war in Ukraine.
This comes after the Wall Street Journal reported that President Putin raised the idea of holding a trilateral summit with President Xi next month in a telephone conversation with President Trump on October 9, but it is assumed that Ukrainian President Volodymyr Zelensky will not be participating in the meeting.
Asked about the possibility of a meeting as he left the White House for a campaign rally in Kansas, Trump told reporters: “Whether anyone is there or not, we will do whatever we can to end the war.”
When asked about President Zelenskiy’s remark that President Trump is on the wrong side of history, Trump stepped up his criticism of the Ukrainian leader, saying, “President Zelenskiy doesn’t know what he’s talking about,” and once again called for “the birth of a new president” in Kiev.
— Lim Huijie
And finally…
Elon Musk says he will give SpaceX stock to every child in America next year
SpaceX CEO Elon Musk said Monday that the company will give every child in the U.S. a share of the company’s stock next year.
Musk currently owns about 4.8 billion SpaceX shares, according to an August SEC filing. Taking into account unvested compensation and stock options, this number increases to 6.4 billion, representing 48.4% of the company’s beneficial interest.
According to official census data, as of July 1, 2025, there were 72 million children under the age of 18 in the United States.
Considering SpaceX’s closing stock price of $146.03 as of Friday, that means the CEO has given away about $10.5 billion worth of stock.
— Kai Nicole-Schwartz, Laura Kolodny
