9AM HOUR: Apple iPhone Duo Hits Stores, Tech Extends Sell-off, Merck CEO "First on CNBC"  10/23/26

AI-infrastructure capital-scarcity fears are driving a rotation from tech/semis into defensives even as Apple's foldable debut and Merck's cancer-vaccine data offer company-specific catalysts.

• iPhone Duo debut: Apple's foldable launched in dozens of countries at $2,000-$3,200; Morgan Stanley estimates only ~6.5M units produced in 2025, versus Samsung's 6-8M foldables in all of 2025.
• Tech sell-off deepens: Nasdaq posted its worst day since June on Meta's $454B non-cancellable lease obligations (up from $349B) and renewed capex/capital-scarcity worries flagged by Jensen Huang.

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