Le marché est baissier en vertu de plusieurs causes:

-degonflement des animal spirits

-publications décevantes

-cash flow libres dégradés voire négatifs

-besoins de financements extérieurs colossaux

-dilutions

-degradation de la qualité des comptes

1. AppLovin,$APP: -65%

2. CoreWeave,$CRWV: -57%

3. Coinbase,$COIN: -56%

4. Western Digital,$WDC: -52%

5. Oracle,$ORCL: -50

6. Arm Holdings,$ARM: -49%

7. Circle,$CRCL: -44%

8. Sandisk,$SNDK: -42%

9. Robinhood,$HOOD: -40%

10. Seagate,$STX: -39%

11. ServiceNow,$NOW: -37%

12. Super Micro Computer,$SMCI: -35%

13. Intel,$INTC: -35%

14. Adobe,$ADBE: -34%

15. Broadcom,$AVGO: -31%

16. Marvell Technology,$MRVL: -30%

17. Alphabet,$GOOGL: -28%

18. IBM,$IBM: -25%

19. Micron,$MU: -24%

20. Meta,$META: -22%

Le marché baissier sur la grande technologie est justifié

EN PRIME

Those Alphabet earnings were BRUTAL.

This was the first double miss in 4 years!

The AI spend was also insane:

– Long-term debt: +479% in a year, to $125.1B
– Free cash flow: -$9.1B vs. -$2.7B expected
– 2027 capex guided "significantly" higher, $300B+

Verdict?

The stock is… pic.twitter.com/fyzeTWDxxW

— Nic (@puckrin) October 29, 2026

Bloomberg: "Early signs suggest that the credit market is approaching the limits of how much more debt it can absorb. One after another, yields are soaring into the double digits on bonds and loans funding the AI infrastructure buildout. Bankers are finding it more difficult to… pic.twitter.com/BNPWr9Ti9K

— Trevor Noren (@trevornoren) October 28, 2026

META may be new to the negative cash flow club, but not GOOGL: free cash flow was negative for a second straight quarter, -$9.1bn vs -$3.5bn consensus. Trailing-12-month FCF collapsed 73% to $19.7bn, from $73.6bn a year ago. https://t.co/bHPeyVw1VP pic.twitter.com/CPQSLPvpPz

— zerohedge (@zerohedge) October 28, 2026