“BAH GAWD! THAT'S THE BULL MARKET'S MUSIC!” 

Well friends, if there's one historically reliable indicator that the stock market is back in business, it's billionaire Bill Ackman appearing on CNBC to inform the peasants that the entire financial system has devolved into a gambling addiction support group.

“Every number of days, I feel like markets are broken,” Ackman complained, arguing that excessive leverage and speculative trading have turned stock prices into something resembling a roulette wheel.

“Stocks trade at prices that make no sense to me.”

Mind you, this is the same guy that bought $1 billion of Netflix only to sell it at a $400 million loss three months later.

According to Ackman, we're back to the days of 95% leverage, with traders borrowing ridiculous amounts of money to bet that Jensen's circle-jerk economy won't finish end prematurely. 

And looking at what's happening over at CoreWeave, Michael Burry, Bill Ackman, and the financially illiterate degenerates at r/WallStreetBets have apparently reached the same conclusion.

If that doesn't scare the living sh*t out of you, nothing will.

Case in point, CoreWeave now has more than 129 MILLION shares sold short, representing an astonishing 78% of its publicly tradable float, according to S3 Partners.

For perspective, that figure stood above 70% in early September.

Translation: Roughly four out of every five publicly tradable CoreWeave shares are now represented by bearish bets.

Roaring Kitty, the Cat-Signal is shining. Gotham needs another short squeeze. 

And the timing couldn't be more interesting.

CoreWeave shares have collapsed 41% over the past month as investors grow increasingly uncomfortable with the company's AI financing arrangements and mounting debt concerns.

Yet Tuesday, the stock jumped more than 5%.

Now imagine what happens if next Tuesday's earnings report gives those 129 million shorted shares a reason to reconsider their life choices.

Of course, there's a catch. S3 believes much of October's additional shorting reflects outright bearish conviction rather than a setup for an imminent squeeze.

In other words, some of these traders might actually know what they're doing.

Disgusting. That's not how we do things around here.

Meanwhile, Wall Street honored one of America's oldest midterm traditions: peaceful participation in democracy buying the dip.

Historically, the S&P 500 has finished green on 10 of the last 14 midterm Election Days.

And Tuesday kept the tradition alive, with the Nasdaq climbing 1.1%, the Nasdaq-100 adding 0.9%, and the S&P gaining 0.6%.

The Dow, however, fell 100 points.

Apparently somebody forgot to invite Tim Apple John Ternus to the recovery party.

Apple shares fell nearly 2% after the company delivered a disappointing profit-margin forecast and missed Wall Street's iPad sales expectations.

Chipmakers, however, were having themselves a lovely Tuesday.

AMD jumped 4% ahead of its post-bell earnings report, Broadcom climbed more than 3%, and both Nvidia and Micron gained more than 2%.

After a -10% correction, it was about damn time.

Lastly, Palantir CEO Alex "AK-47" Karp used his earnings call to announce that he's no longer getting stuffed into lockers (allegedly). 

“We've gone from being the most attractive person in the physics department to being the captain of the football team,” Karp declared.

The numbers gave him plenty to celebrate.

Palantir reported $2.31 billion in third-quarter revenue versus $2.17 billion expected, with adjusted earnings of $0.44 per share beating the $0.41 forecast.

Even better, management guided for $2.65 billion in fourth-quarter revenue, comfortably above the $2.46 billion estimate.

And for the first time, Palantir's U.S. commercial revenue surpassed its U.S. government business. 

From watching America's enemies to watching America's employees. Diversification. 

So that's the state of play, friends…

Bill Ackman thinks the market's broken, CoreWeave shorts are playing chicken with 78% of the float. Apple is ruining the Dow's group project, and Alex Karp has finally peaked in high school.

The Nasdaq's bouncing, the midterms are underway, and AMD's earnings are next on the chopping block.

If you read all of this, congrats for having a 10 second attention span (better than me). As always, here’s our heatmap for today.

Market Gossip

>Binance co-CEO Richard Teng says hackers used fake job interviews, AI tool to steal $6.3 billion in crypto (CNBC): Kim Jon Un, I owe you an apology. I wasn’t familiar with your game…

>Tesla stock jumps as Barclays bets a SpaceX takeout bump is coming (Yahoo Finance): Grok, are Tesla bag-holders putting all their faith in a merger with SpaceX to finally break even?

>Snap reaches settlement in social media addiction lawsuit ahead of trial (CBS News): “Your Honor, with all due respect, have you SEEN Instagram reels?” -Snapchat’s lawyers, probably

>US Factory Orders Are Surging At Their Fastest Pace In Over 4 Years (Zerohedge): “Factory orders are through the roof. Some are saying I've finally kept a campaign promise. First one, they say. Can you believe that? Very nasty people. But tremendous factories. Beautiful factories.” -Donnie Politics, probably

At the time of publishing this article, Stocks.News holds positions in Apple, Tesla, and Snap as mentioned in the article.