Good morning,

Nvidia’s stock has been on a tear lately, but a “technical error” from a key production partner Tuesday drove the chip giant’s shares down 4.5%.

Dutch firm ASML, which makes much of the equipment used to manufacture high-tech AI chips, accidentally released its earnings a day earlier than anticipated due to the error. Those earnings were less than stellar, too.

That erased $155 billion from Nvidia’s market cap—more than the entire market value of AT&T. It was Nvidia’s steepest daily loss since a 10% drop last month, and other semiconductor firms also felt the impact: Advanced Micro Devices, Arm Holdings and Broadcom all fell at least 3.5%.

Charles Schwab was on pace for its best trading day since July 2023.

Bank stocks surged Tuesday as five of the eight largest U.S. banks by market cap reported third-quarter results Tuesday. One Deutsche Bank analyst noted that the market’s increased confidence that the U.S. avoided a recession is the “best outcome for banks,” which get major boosts from better economic sentiment and declining interest rates.

Startup Decagon’s CEO Jesse Zhang says his company’s AI-powered customer service system has outperformed others, attracting clients like Notion, Duolingo and Substack to do things like issue refunds, cancel subscriptions, dispute transactions and replace a credit card. The company, now valued at $650 million, announced Tuesday it’s raising $65 million, as it bets that AI-powered agents can resolve issues without involving a human at all.

Apple’s stock reached an all-time high, making the world’s largest company even bigger, as the company benefits from the release of the AI-forward iPhone 16. Apple’s market capitalization reached to as much as $3.61 trillion, the highest valuation ever recorded by a public company.

Melinda French Gates received an additional $1.2 billion of public company stock from her ex-husband Bill Gates, boosting her fortune to an estimated $30.2........

© Forbes