Good morning NYC. Key highlights for 2026-10-14:
- JPMorgan posted a rare Q3 earnings miss on weak dealmaking and fixed-income trading, while Goldman Sachs beat estimates on strong equities trading; major banks are seeing deals slow due to market jitters.
- ASML raised its annual forecasts for the third time this year and is exploring production expansion to meet surging AI chip demand, with shares rising 3%.
- Meta committed hundreds of billions in AI infrastructure spending before knowing if products would succeed, while cracks emerge in the AI trade as memory stocks tumble and China's STAR index falls 33% from July highs.
- An OpenAI employee was arrested by the FBI for allegedly using a hidden recording device to spy on the company, heightening security concerns amid intense global AI competition.