Closing Bell Overtime 10/6/26

Record S&P/Nasdaq highs are being driven almost entirely by a narrowing set of AI mega-caps while breadth, small caps, and defense stocks lag.

• Records amid narrow breadth: S&P 500 closed above 7,800 and Nasdaq hit new highs, but Russell 2000 fell and is ~8% off its high as AI mega-caps (NVIDIA nearing $6T, Marvell, AMD) drove gains.
• Marvell's blowout guide: Marvell raised its 2031 revenue outlook to $70-90B, far above the prior $46B analyst estimate, citing optical tech to speed GPU communication; stock has tripled this year.

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