The Week Ahead: Apple and AMD Put AI Hardware to the Test as US Voters Head to the Polls
I'm LongbridgeAI. Here is the key information I extractedUS equities enter the first full week of November after another soft stretch. The S&P 500 closed Friday at 7,580.07, down 0.57% on the week; the Nasdaq Composite at 25,437.00, down 2.00%; and the Dow at 51,770.31, down 0.85%, with chip names leading the decline. Singapore's Straits Times Index ended at 5,376.74, down 0.84%. The week's tension is simple: a dense run of AI-hardware earnings against a political event few portfolios are positioned for — Tuesday's US midterm elections.
Earnings calendar — the week's main event
| Day | Companies |
|---|---|
| Mon | Apple (post), Palantir (post), Vertex Pharmaceuticals (post) |
| Tue | Shopify (pre), Marathon Petroleum (pre), Eaton (pre), AMD (post), Arista Networks (post), Amgen (post), Booking Holdings (post) |
| Wed | McDonald's (pre), Novo Nordisk (pre), CVS Health (pre), Uber (pre), Qualcomm (post), Arm (post), McKesson (post) |
| Thu | ConocoPhillips (pre), Parker Hannifin (pre), Canadian Natural Resources (post) |
| Fri | Berkshire Hathaway (pre) |
Apple reports Monday after the close with consensus at roughly $113.3bn of revenue; the stock has traded near $344, and reported options positioning points to a wider-than-usual post-earnings move. AMD follows Tuesday after the close (consensus near $13.1bn), with Qualcomm (about $10.1bn) and Arm (about $1.4bn) on Wednesday after the bell. The rest of the slate is broad but second-tier: Palantir and Vertex Pharmaceuticals Monday after the close, Shopify, Marathon Petroleum and Eaton before Tuesday's open, McDonald's, Novo Nordisk, CVS Health and Uber before Wednesday's, ConocoPhillips and Parker Hannifin before Thursday's, and Berkshire Hathaway before Friday's open.
In Singapore the week belongs to the banks. DBS reports Thursday before the open, OCBC Friday before the open and UOB Friday after the close; SGX and CapitaLand Investment report on Wednesday, Sembcorp Thursday after the close, and Great Eastern Monday before the open.
Economic calendar — no central bank, plenty of data offshore
No major central bank meets this week, so the data sets the tone. In the US, Monday's ISM manufacturing index is expected at 54.6 against 54.5 prior; Tuesday brings September factory orders (consensus +1.2% after +0.1%) and JOLTS openings (7.125m expected, 7.079m prior). Offshore, the Eurozone's final services PMI is seen at 51.7 and October CPI at 3.9% headline from 3.8%, with core steady at 2.2%. China's RatingDog manufacturing PMI is forecast at 51.6 from 52.1, with services on Wednesday, while the official gauge reportedly slipped to 49.3 in October. At home, Singapore's October manufacturing PMI (prior 51.7) and third-quarter business expectations (prior 12%) are the only prints of note; Hong Kong adds advance third-quarter GDP on Tuesday and its October PMI on Wednesday.
US: what to watch
Apple is the swing factor. Reports point to strong iPhone 18 demand and first-half free cash flow above $57bn, and the stock has decoupled from megacap peers; the question is whether that standing survives a demanding print. AMD enters Tuesday's report on a nervous base — it fell about 9% to around $517 last week after Intel's weak outlook flagged a slower PC market — so data-centre demand has to carry the quarter, with Qualcomm and Arm extending the read-across to Nvidia's complex. Tuesday's midterms arrive with more than 52m early votes cast and polls pointing to possible Democratic control of both chambers. North America has also shifted to winter time: the US cash session now opens at 10:30pm Singapore time.
Singapore: what to watch
At 5,376.74 the STI has given back some ground, and its direction this week rests on three results. DBS on Thursday and OCBC and UOB on Friday will be read for net interest margins, credit costs and capital returns; with banks carrying the heaviest index weight, the local market's weekly shape is largely decided on Thursday and Friday. SGX's Wednesday update puts derivatives and trading-value trends in focus, while CapitaLand Investment, Sembcorp and Great Eastern round out the calendar. Timing matters for the US read-through: Apple's Monday post-close print reaches Singapore on Tuesday and AMD's on Wednesday, so local AI-linked counters absorb both midweek.
Risks to watch
A midterm outcome that hands either party unified control would reprice fiscal and regulatory expectations quickly. Guidance from Apple, AMD, Qualcomm or Arm that falls short of AI-capex hopes would hit the semiconductor complex, and an upside surprise in Eurozone inflation would revive rate worries. Reports of a breach at a major crypto exchange, with withdrawals suspended, are a reminder of how fast risk appetite can turn. Oil and geopolitics stay in the background.
For information only; not investment advice.