Earnings season is knocking, the S&P 500 just notched a record 7,844, and this week belonged to the disruptors — Elon Musk took a direct shot at the phone companies, an insurer got a star upgrade from Washington, and AI chips are back in fashion.

1. AT&T (T) — SpaceX comes for the phone bill

What happened: Thursday evening, SpaceX announced a definitive deal to buy up to 14 MHz of paired 800 MHz low-band spectrum from Grain Management — a nationwide portfolio the Wall Street Journal values at about $8 billion, pending FCC approval. Musk called low-band “the last critical piece of the spectrum puzzle,” and SpaceX said outright it “paves the way for Starlink Mobile to become a major mobile carrier in the U.S.” This follows the FCC’s October 6 order approving 15,000 more Starlink direct-to-cell satellites — plus a waiver letting SpaceX serve wireless customers without leasing spectrum from a terrestrial carrier.

The numbers: AT&T, Verizon, and T-Mobile sank roughly 6–8% in extended and premarket trading Friday — the S&P 500’s three worst performers. Scotiabank cut price targets across the trio on the news (Verizon to $50, T-Mobile to $212, AT&T to $26.50). Meanwhile, the satellite pure-play AST SpaceMobile — the “SpaceX isn’t public, this is” trade — popped nearly 9% earlier in the week on a satellite-to-smartphone test with Canada’s TELUS.

What to watch: Whether the FCC signs off on the Grain deal — and Citi’s counter-take that this is a buy-the-dip moment, since it doesn’t expect SpaceX to “materially impact operating results of the big-3 telcos until at least 2029.”

Caution flag: This is a headline-driven selloff; the actual competitive threat is years out, and the carriers’ dividends still pay while you wait.

This one’s a perfect Muse Lounge debate: is the selloff a buying opportunity (Citi’s take) or the first real crack in the telecom moat? Come argue it out in the Lounge.

2. Humana (HUM) — a star rating worth 15%

What happened: The federal government released new Medicare Advantage star-ratings data, and Humana scored a four-star rating on a key contract that Wall Street watches closely. Higher star ratings translate directly into bigger government bonus payments — a straight lift to the bottom line.

The numbers: HUM jumped 15% in premarket trading Friday.

What to watch: How the ratings flow through into 2027 bonus dollars — and whether competitors’ ratings keep pace or leave Humana with a relative edge.

Caution flag: One rating cycle is not a turnaround; Medicare Advantage margins remain under political and regulatory pressure.

3. Advanced Micro Devices (AMD) — Citi sees $800

What happened: AI stocks rebounded Friday after Thursday’s OpenAI-revenue-scare selloff, and AMD got a loud vote of confidence: Citi raised its price target to $800 from $575 (Buy), arguing Meta’s “Muse” AI boom could drive massive chip demand. (Sibling story: Marvell rose 5% at its investor day, guiding to $70–90 billion of revenue in fiscal 2031 — the custom-silicon trade is alive.)

The numbers: AMD rose 3.9% to $656.53 on the Citi call. The new $800 target implies roughly 20%+ upside from there.

What to watch: Whether hyperscaler capex keeps accelerating into year-end — AMD lives and dies on data-center spend.

Caution flag: Expectations are now sky-high; after the OpenAI wobble, any hint of AI-spend deceleration hits the highest-multiple names first.

4. Applied Digital (APLD) — the earnings roller coaster

What happened: The AI data-center builder reported fiscal Q1 (quarter ended August 31) Wednesday after the close, and the top line was a genuine shock — revenue more than tripled estimates. But the bottom line shows how brutally capital-intensive this buildout is.

The numbers: Revenue $341.9 million, up 322% year over year, vs. roughly $111–135 million consensus. Adjusted EPS was -$0.01 vs. -$0.30 expected — but the GAAP net loss widened to $221 million (-$0.76/share) on stock compensation and a non-cash investment loss. The real asset: leases for about 1.41 gigawatts across five campuses worth ~$36 billion in contracted base-term revenue, plus a new 210 MW, 15-year lease (Delta Forge 2, ~$5.2 billion). Shares closed down 6% at $23.81, then bounced about 4% after hours as investors digested the beat.

What to watch: Financing, not demand — the company just closed $1.59 billion of 7% senior secured notes due 2031 and carries $6.4 billion in debt. The buildout runs on borrowed money.

Caution flag: Dilution and leverage are the swing factors here; the stock sits far below its $50.72 52-week high for a reason.

The bottom line: This week rewarded paying attention to the calendar — ratings data, analyst calls, and earnings moved more than the index did. Next week the big banks (JPMorgan, Goldman Sachs, Citi, Wells Fargo on Tuesday; Morgan Stanley, Bank of America Wednesday) kick Q3 earnings season into high gear — so the real test of the market’s record run is just ahead.

Disclaimer: This post is for educational and informational purposes only and is not financial advice, a recommendation, or an offer to buy or sell any security. Investing involves risk, including possible loss of principal. Do your own research and consult a qualified financial professional before making investment decisions.