Bank Earnings Kickoff, Tech Fueling Rally, Sarat Sethi Guest Host 10/13/26

Apple's $5T milestone and an accelerating HDD pricing cycle offset bank-sector rate pressure, while Paul Tudor Jones warns 2027 could be challenging for bifurcated equity markets.

• Apple hits $5T: Shares at record highs push Apple into the $5 trillion club alongside NVIDIA, with analyst Mark Newman citing services revenue (now larger than most S&P 500 companies' total business) and just $13B capex as key drivers; he still flags December-quarter gross-margin risk from higher memory costs.
• Memory/storage supercycle debated: Newman says hard disk drive pricing is accelerating with purchase orders locked for five quarters (Seagate his top pick), while memory stocks (SanDisk, Western Digital, Micron) have corrected sharply after a huge run; even tape storage is seeing renewed demand.

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