10AM Hour: Apple's Foldable Future, SpaceX Shakes Up Telecom, OpenAI’s New Valuation 10/23/26

OpenAI's valuation cut to $1.25T and Slok's margin data suggest AI capex gains haven't yet spread beyond the Magnificent 7.

• Market pullback continues: Nasdaq fell below 26K (worst day since June yesterday), S&P down ~0.5%, VIX above 20, with semis (SMH) hitting lowest since August and heavy put buying in SMH/SOXL options betting on further declines.
• Apollo's Slok flags capital shortage: Torsten Slok says data-center buildout faces a 'savings shortage' (vs. 2010-2020 glut), 20-month waits for transformers/curtain wall, and no evidence AI is lifting S&P 493 profit margins or revenue-per-employee.

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