Welcome to Markets Desk, where we break down what's moving markets and why.
Apple is flagging slower services growth heading into the holiday quarter, and the market is paying attention. New CEO John Ternus, on his first earnings call, cited rising cloud computing costs tied to Siri AI as the headwind, while the company prepares to introduce paid tiers for expanded artificial intelligence features. That shift from pure margin expansion to AI investment spending marks a meaningful inflection point for the stock.
Turning to earnings, PennyMac Mortgage Investment Trust posted a net loss of thirty-six million dollars attributable to common shareholders in the third quarter of two thousand twenty six, though adjusted net income came in at thirty million. The trust also raised its share repurchase authorization to six hundred thirty million dollars, a signal management believes the stock is undervalued relative to its underlying mortgage portfolio.
And in the AI governance space, OpenAI has brought on former U.S. Army Secretary Dan Driscoll for a newly created national security modernization role. The hire reflects OpenAI's deepening push into defense and government contracts, a strategic lane that puts it in direct competition with established players like Palantir and Microsoft's federal division.
That's the tape. Markets Desk, signing off the floor.
