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InnovAge shares fall 9% after hours following pricing of a 10 million share secondary offering Tuesday.
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Major tech indices declined on October 16, 2026, as AI-focused software stocks experienced a sharp reversal. The S&P 500 fell 1.07%, the Nasdaq Composite plummeted 2.15%, and the Dow Jones slipped 0.34%. Goldman Sachs reported that hedge funds sold AI stocks at the second-fastest pace in over a year, triggering a tactical rotation away from smaller AI names toward larger, steadier companies and defensive stocks.
SpaceX, valued at $2 trillion, operates across three segments: space launch services, Starlink connectivity, and AI infrastructure. Starlink generated $4.3B in Q2 revenue with 66% YoY growth, while the AI segment grew 247% YoY to $2.6B in revenue. Goldman Sachs and Morgan Stanley forecast SpaceX could reach $300B in annual revenue by 2030, potentially valuing the company at $5 trillion. An analyst predicts a $3,000 investment could grow to $7,500 by 2030, representing 150% appreciation.
Goldman Sachs reported Q3 2026 net revenues of $18.7 billion, with financing activities representing over 40% of trading revenues. The bank is strengthening earnings stability through recurring revenue streams in asset management, expense discipline, and strategic growth in AI data center infrastructure financing. Management expects accelerating corporate dealmaking as clients modernize operations and seek capital for infrastructure buildouts.
JP Morgan analyst Kian Abouhossein maintains Goldman Sachs Group (NYSE:GS) with a Neutral and raises the price target from $955 to $970.