SpaceX Monster Quarter; CoreWeave's Collapsing Narrative; Buy The Dip on Netflix, Hermes, and Wise?

SpaceX's AI-infrastructure revenue is exploding while CoreWeave's debt-fueled neo-cloud model shows real signs of cracking.

• Meta spends, Reality Labs bleeds: Meta's Q3 CapEx hit $33B (+85% YoY), ad pricing +14% and impressions +10%, but first-ever negative free cash flow and ongoing ~$4B/quarter Reality Labs losses raise risk questions.
• Semis sell off broadly: NVIDIA, Broadcom, AMD (-9%), Intel (-9%), and Lam Research (-13%) dropped; hosts flag Michael Burry's stat that 55% of stocks are in 20%+ drawdowns, near dot-com-bubble breadth.

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