This issue looks ahead. On Wednesday the Fed announces its rate decision, then Microsoft and Alphabet report after the close. Amazon follows on Thursday. Investors want to know whether AI spending is still paying off, and the credit market is already nervous: insurance against a CoreWeave default now costs more than 10% a year. Anthropic is expected to file its IPO paperwork publicly any day. Moonshot says Kimi K3.1 Pro's open weights arrive November 4. Israel votes on Tuesday after a campaign full of AI deepfakes, and the US midterms are a week from Tuesday. In the middle: so far, AI has paid off for the companies that sell it, not the ones that buy it.