The AI board split in two in the week to Friday, October 23: security and application software rebounded hard (Zscaler +23.04%, CrowdStrike +13.27%, ServiceNow +11.97%, Palo Alto Networks +11.27%) while chips, optical, power and the carriers kept falling (Bloom Energy −12.66%, AT&T −10.71%, Coherent −10.14%, Meta −9.40%, Lumentum −8.25%, Arm −7.67%). Friday was sharp for three names: AT&T −7.96% and T-Mobile −7.71% as SpaceX's mobile ambitions hit telecom stocks (MarketWatch), and Bloom Energy −11.24% the day after a record quarter. 31 of 70 names rose on the week, up from 11 on October 16, and 43 rose on Friday, up from 6, yet the 200-day count did not improve: 33 names above and 36 below, as a week ago, with Arm, $ASML, Bloom Energy and Lumentum crossing under and Super Micro, MongoDB, Adobe and Intuitive Surgical crossing over. All 70 names carry a settled 2026-10-23 close.

LONG-HORIZON READ: if a name's short-term trend reads "down" but it trades above its 200-day average and is up on the year, it is a deep pullback in an intact trend, not a breakdown. Real structural damage takes both: a price under the 200-day and a weak or negative year. The 1Y and vs SMA200 columns carry that check.

Security and application software led the rebound. 31 of 70 names rose over seven days, 38 fell and one ($BOTZ) was flat; on Friday 43 rose. Zscaler gained 23.04% on the week (7.31% on Friday on 1.38 times normal volume) and sits at RSI 72.0. CrowdStrike gained 13.27% (8.25% on Friday on 1.60 times), ServiceNow 11.97%, Palo Alto Networks 11.27% (7.22% on Friday), C3.ai 10.07%, Workday 10.05%, UiPath 9.96%, MongoDB 9.93%, Cloudflare 9.93% (7.29% on Friday) and Datadog 9.12%. CrowdStrike, Palo Alto, Cloudflare, Datadog, Fortinet and Zscaler had fallen 11.27% to 18.33% in the week to October 16 (the October 16 edition), so this is a partial retracement; all six are now 33.0% to 57.4% above their 200-days. The RSI 70+ band grew from Veeva alone to four names (Veeva 76.2, Zscaler 72.0, Intuitive Surgical 70.8, ServiceNow 70.0). Super Micro, Adobe and Intuitive Surgical crossed back above their 200-days (1.2%, 4.6% and 3.7% above) but remain down on the year, so they read as repairing; MongoDB crossed above with a positive year and is intact. On causes: CNBC's Friday report described a global security scramble after critical PHP vulnerabilities leaked online; a BestStocks note tied Cloudflare's Friday move to an Oppenheimer target increase to $430 and a sector rally after the PHP patches, and MarketBeat's CrowdStrike and Zscaler notes cited AI-linked security demand and analyst commentary. Those are the outlets' stated reasons for Friday, not measured attributions, and the earlier days of the week have no cause on file. ServiceNow's news was last pulled September 25, so its +11.97% week was not checked.

Chips: a second soft week, and two cushions broke. Most of the week's damage came on Thursday, October 22, when $SMH fell 5.99% and $QQQ 2.86%, the Nasdaq-100's biggest drop since June 5 (the October 22 market brief). MarketWatch gave three reasons for that day: Tesla's lower capital-spending target, Lam Research's weaker-than-expected forecast, and a reminder that the AI boom relies on outside funding. $SMH rose 0.74% on Friday but fell 2.33% on the week, after a 10.53% drop in the week to October 16, and is down 12.34% over 30 days at RSI 33.4. Bloomberg's close report said the chipmaker gauge posted its longest weekly drop since November. NVIDIA fell 1.48% on the week to $210.96, RSI 38.1, 3.6% above its 200-day ($203.67) and up 15.81% on the year. $AMD fell 2.26% (RSI 39.0, 28.5% above its 200-day, up 119.92% on the year). Broadcom fell 2.15% and stays broken: 12.5% under its 200-day with a one-year change of −6.57%. TSMC (+1.43%, RSI 41.4, 5.3% above its 200-day) and Marvell (+0.30%, RSI 41.1, 27.3% above, up 176.08% on the year) left the oversold band. Intel fell 3.22% to RSI 32.8, 1.3% above its 200-day. The two that crossed: Arm fell 7.67% on the week and 36.75% over 30 days to $210.33 (RSI 31.5), closing 7.0% under its 200-day ($226.07) after sitting 1.9% above it a week ago, 53.54% off its high but still up 26.25% on the year; $ASML fell 4.25% to $1,571.80 and closed 1.0% under its 200-day line of $1,587.99, up 51.66% on the year. Both read under test, not broken. Arm's news, pulled October 23, holds quote pages only, so its drop has no cause on file.

Memory and storage are split. Micron fell 0.15% on the week but rose 2.46% on Friday (RSI 38.2, 19.9% above its 200-day, up 324.53% on the year); MarketBeat said the Friday rise came as semiconductors recovered from the prior session's technology sell-off. Seagate fell 1.33% on the week and 1.81% on Friday and is 7.8% under its 200-day; it is scheduled to report October 27 after the close. Western Digital reported Thursday after the close: EPS of $4.64 against $4.10 consensus (+13.2%, provider), with MarketBeat summarizing fiscal-second-quarter guidance of $5.0 billion to $5.2 billion in revenue and $5.60 to $6.00 in adjusted EPS as well above consensus. The shares still fell 2.97% on Friday (1.46 times normal volume) after a 3.52% week, and sit 17.1% under their 200-day and 57.03% off their high, up 173.36% on the year. No source on file explains Friday's decline: news was pulled October 23 and holds the guidance note and quote pages, and stock-events were checked. One X account (ParadisLabs) wrote on Friday that long demand for hyperscalers, neoclouds and photonics was extremely low despite positive earnings from Meta, Bloom and Western Digital, and pointed to financing costs; that is one trader's read, not a measured cause.

Optical and the SK hynix line. Lumentum fell 8.25% on the week to $756.17 (RSI 34.5) and closed 4.0% under its 200-day ($788.04) after sitting 6.0% above it a week ago; it is up 348.77% on the year, so it reads under test. Its news, pulled October 23, holds nothing dated after October 9, so the decline has no cause on file. Coherent fell 10.14% to RSI 30.3, 29.1% under its 200-day and 52.43% off its high, up 72.23% on the year; MarketBeat's feed shows Susquehanna cutting its target to $350 from $425 while keeping a Positive rating, which is context, not an established cause. SK hynix's US shares ($SKHY) rose 4.05% on Friday to RSI 34.6 and are down 27.61% over 30 days. CNBC reported SK hynix shelving a potential U.S. IPO of its Solidigm unit; MarketBeat tied $SKHY's rise to that news, while CNBC's headline said SK hynix shares slid, so the sources disagree on direction and the effect is unsettled. SK hynix is scheduled to report October 27 after the close (provider estimate).

Hyperscalers: Meta had the worst week, Microsoft the steadiest. Meta fell 9.40% on the week to $642.62 (−0.96% on Friday), RSI 35.7. It is 1.6% above its 200-day ($632.53) but down 12.45% on the year, so it reads repairing. CNBC called it the stock's worst week in four years. The company reported October 21 after the close: revenue of $64.6 billion, up 26%, and GAAP diluted EPS of $3.83, which includes a $9.89 billion charge for the August multistate attorneys-general agreement (SEC 10-Q); it also announced a recapitalization that works as a 2-for-1 split, effective January 19, 2027 (SEC 8-K). The sources on file do not apportion the week's decline among the charge, AI-spending worries and the market. Alphabet fell 5.98% on the week to RSI 31.3 and is 6.2% under its 200-day ($341.31), up 26.53% on the year: under test. Amazon fell 0.80% to $248.00, RSI 43.2, 1.9% above its 200-day. Microsoft fell 0.86%, RSI 52.6, 20.2% above its 200-day, though up only 0.76% on the year. Palantir gained 5.76% to $196.75, RSI 54.4, 28.5% above its 200-day and 7.6% under its high, up 9.01% on the year. Tesla gained 4.93% to RSI 51.5 and is 3.7% under its 200-day with a one-year change of −17.1%: broken. It reported EPS of $0.48 against $0.45 on October 21; CNBC said SpaceX merger chatter took center stage after the report.

Neoclouds: a second down week with no name above its 200-day. The desk's neocloud lane fell a median 2.4% on Friday and 8.4% on the week, with 8 of 10 names down on Friday. Nebius fell 4.07% on the week (−0.27% Friday) to $158.74, RSI 30.2, closing 9.7% under its 200-day ($175.88), 29.95% down over 30 days and 47.06% off its high, but up 49.53% on the year: under test. CoreWeave fell 11.65% on the week to RSI 25.8, 41.0% under its 200-day and down 56.02% on the year. Of the nine neoclouds with a 200-day, none is above it. MarketBeat's Nebius note framed the pressure as concern over expansion, new borrowing and data center economics (the outlet's framing), and Bloomberg reported S&P Global Ratings warning of downgrade risk for data centers amid local pushback. Equinix (−3.14% on the week, RSI 34.8) and Digital Realty (−2.05%) are both under their 200-days; Digital Realty's one-year change turned negative (−1.72%), moving it from under test to broken. Arista is 5.2% above its 200-day at RSI 33.7 after a 2.60% weekly drop.

Power: Bloom Energy fell on a beat; the rest stay broken. Bloom Energy fell 11.24% on Friday on 2.52 times normal volume and 12.66% on the week to $193.30, RSI 33.1. It closed 11.9% under its 200-day ($219.29), 44.97% off its high, still up 90.59% on the year: under test, after sitting above the line a week ago. The company reported on October 22 after the close: third-quarter revenue of $1.236 billion, up 138.1% from a year earlier, operating income of $225.4 million, and full-year revenue guidance raised to $4.4 billion to $4.6 billion (company release); EPS was $0.94 against $0.67 consensus (+39.8%, provider). MarketWatch noted that the stock got no post-results bump despite a 36% EPS beat and a 15% revenue beat on its figures. No source on file states why the shares fell on Friday: news was pulled October 23 and holds the release and quote pages, stock-events were checked, and the one X post that names Bloom alongside the week's other prints (ParadisLabs, Friday) speaks of weak institutional demand and financing concerns across the whole AI trade rather than this stock. Constellation (−6.60%) and Vistra (−7.80%) are 10.1% and 9.1% under their 200-days and down 30.71% and 26.76% on the year; TransAlta fell 4.90%; NextEra gained 2.88% but is 5.9% under its line. Solar bounced (SolarEdge +6.25%, Sunrun +3.84%, Enphase +3.20%, First Solar −0.38%), but the four are still 20.9% to 40.3% under their 200-days. Small reactors, battery storage and the quantum and voice-AI names are the board's business-quality veto: Eos Energy (RSI 25.4), NuScale (25.9) and Oklo (27.2) are 52% to 74% under their 200-days with one-year losses of 79% to 88%, and IonQ, Rigetti, D-Wave, SoundHound and BigBear.ai are 26% to 42% under theirs; their low RSI is not a floor.

Carriers: the bounce reversed. AT&T fell 7.96% on Friday on 2.10 times normal volume and 10.71% on the week to $20.93, RSI 31.1, 16.5% under its 200-day. T-Mobile fell 7.71% on Friday (1.47 times) and 7.89% on the week to RSI 35.5, 22.1% under its line; Verizon fell 1.19% (1.95 times) and $BCE 1.97%. MarketWatch tied Friday to SpaceX's mobile ambitions, reporting that Starlink's talks with cell-tower owners were noticed by Verizon, AT&T and T-Mobile shareholders, and Bloomberg's closing-bell segment carried the same theme. AT&T had also reported on October 21 (EPS $0.65 against $0.60 consensus, revenue $32.3 billion, up 5.3%); a Yahoo Finance valuation note said the shares fell about 6% in post-earnings trading to $21.91. The four carriers had led the board in the week to October 16 (the October 16 edition). Verizon is scheduled to report October 26 before the open and T-Mobile October 28 after the close.

Prior edition: October 16. That edition's prices and changes are not reprinted. The points below compare its stated bands, classes and lists with the October 23 close; the 7-day window starts at the October 16 close.

1. Breadth flipped from nearly nothing up to a bounce. 31 of 70 names rose over seven days (11 on October 16) and 43 rose on Friday (6 on October 16).
2. Leadership flipped. On October 16 the leaders were the four carriers, Salesforce and Veeva, and the laggards Eos, Coherent, Lumentum, Nebius and Super Micro. Now the leaders are Zscaler, CrowdStrike, ServiceNow, Palo Alto Networks and C3.ai, and the laggards Bloom Energy, AT&T, Coherent, Meta and Lumentum. Coherent and Lumentum are in the weak group both weeks.
3. The oversold band shrank from 40 names to 34. Thirty stayed; four joined (Alphabet, Meta, AT&T, T-Mobile); ten left (Marvell, TSMC, Snowflake, MongoDB, Cloudflare, Enphase, Sunrun, CrowdStrike, Palo Alto Networks, $AIQ). The capitulation band is still empty.
4. The extended band grew from one name to four. Veeva was alone at RSI 70 or above; Zscaler, Intuitive Surgical and ServiceNow joined it.
5. The 200-day count is unchanged at 33 above and 36 below, but the names turned over. Four crossed under (Arm, $ASML, Bloom Energy, Lumentum); four crossed over (Super Micro, MongoDB, Adobe, Intuitive Surgical). A week ago twelve crossed under and none over.
6. Class changes. Arm, $ASML, Lumentum and Bloom Energy moved from intact to under test. Super Micro, Adobe and Intuitive Surgical moved from broken to repairing. MongoDB moved from under test to intact. Digital Realty moved from under test to broken.
7. Neoclouds fell again. Nebius stayed under its 200-day, and the cohort still has no name above its line.
8. Prints landed. Meta, Tesla and AT&T (October 21) and Western Digital and Bloom Energy (October 22) reported; Bloom Energy and Meta ended the week lower, Tesla higher, Western Digital higher on the week but lower on Friday.

RSI below 25 is capitulation. RSI 25–40 is oversold, and it means little without the long-horizon columns: of this week's 34 oversold names, 6 are above their 200-days and up on the year, and 13 are broken. RSI 40–70 is neutral; 70 and above is extended. "vs SMA" is the distance from the 20-day average, a short-term positioning read only. "1Y%" and "vs SMA200" show whether the trend is intact. The Signal column labels each row: intact (above the 200-day, up on the year), repairing (above the 200-day, down on the year), under test (below the 200-day, up on the year) or broken (below the 200-day, down on the year), plus the RSI band when it is not neutral. A low RSI on a speculative or pre-profit name is not a setup. Everything here is raw screen evidence from settled prices; none of it is a setup until a level is named and holds. TransAlta ($TAC) is a Canadian power producer (hydro, wind, solar, batteries and gas); it is listed with the power names. The table shows 1-day, 7-day, 30-day and one-year changes ending at the 2026-10-23 close.

Each level marks where a pullback stays a flag or turns into a break. These are conditions to watch derived from the average lines, not orders.

1. The chip 200-days. NVIDIA's is $203.67 and TSMC's $397.63; Arm ($226.07) and $ASML ($1587.99) need to reclaim theirs. $SMH's cushion is 2.3%.
2. The prints. Seagate and SK hynix are scheduled October 27 after the close; Microsoft, Alphabet and ServiceNow October 28; Amazon and Intel October 29; Palantir November 2; $AMD November 3; Arm November 4 (earnings calendar; scheduled, provider estimates, not confirmed). The Federal Reserve's decision next week (CNBC, Bloomberg) lands in the middle.
3. Does the security bounce hold? Fortinet reports October 28 after the close and Cloudflare November 5 (scheduled). Zscaler and ServiceNow are extended; the question is whether they pull back to their 20-days without losing the week's gain.
4. Memory. Western Digital's guidance was well above consensus yet the stock fell on Friday; Seagate's report is the next read. Micron's 200-day is $732.1.
5. Carriers. Verizon (October 26, before the open) and T-Mobile (October 28, after the close) are the first prints since the Starlink talks reports. Do the carriers hold under their 200-days or fall again?
6. Neoclouds. Does any name reclaim its 200-day? Nebius is scheduled November 10 before the open; its line is $175.88.
7. Power. Does Bloom Energy reclaim $219.29, and does the cause of Friday's drop surface?

• Tape data: the desk's pre-computed ai-scan summary, settled 2026-10-23 close, 70 names (ai-scan); the neocloud lane figures use the neoclouds summary (neoclouds) and the desk's lane tape.
• Market brief of October 22, 2026 (2026-10-22-market-brief): Thursday's SMH and QQQ moves and MarketWatch's reasons for the chip sell-off.
• Prior edition: 2026-10-16 AI scan (2026-10-16-ai-scan); bands, classes and lists compared, numbers not reprinted except where dated.
• Earnings events: stock-event records for Meta, Tesla, AT&T, Western Digital and Bloom Energy (2026-10-21-meta-earnings, 2026-10-21-tsla-earnings.md, 2026-10-21-t-earnings.md, 2026-10-22-wdc-earnings.md, 2026-10-22-be-earnings.md); EPS comparisons are provider figures; Meta's is a GAAP figure with the settlement charge inside.
• Earnings dates: the desk's earnings calendar (calendar, generated 2026-10-24); scheduled, not confirmed.
• Meta Platforms Form 10-Q, period ended September 30, 2026 — https://www.sec.gov/Archives/edgar/data/1326801/000162828026066773/meta-20260930.htm; Form 8-K, October 21 — https://www.sec.gov/Archives/edgar/data/1326801/000162828026066700/meta-20261019.htm
• Bloom Energy, October 22, 2026: Record Third Quarter 2026 Financial Results and Raised Full Year Guidance — https://www.bloomenergy.com/news/bloom-energy-reports-record-third-quarter-2026-financial-results-and-raises-full-year-2026-guidance
• AT&T, October 21, 2026: Third-Quarter 2026 Results — https://www.prnewswire.com/news-releases/att-delivers-strong-third-quarter-2026-results-with-its-best-consolidated-service-revenue-growth-in-more-than-four-years-302915334.html
• Yahoo Finance, October 22, 2026: AT&T (T) Looks Fully Valued Following Earnings And 2026 Guidance — https://finance.yahoo.com/markets/stocks/articles/t-t-looks-fully-valued-071237655.html
• MarketBeat, October 23, 2026: Western Digital Issues Q2 2027 Earnings Guidance — https://www.marketbeat.com/instant-alerts/guidance-western-digital-nasdaq-wdc-issues-q2-2027-earnings-guidance-2026-10-23
• MarketBeat news pages read October 23, 2026 for Micron, Seagate, Coherent, Nebius, SK hynix, CrowdStrike and Zscaler — https://www.marketbeat.com/stocks/NASDAQ/MU/news/ , https://www.marketbeat.com/stocks/NASDAQ/STX/news/ , https://www.marketbeat.com/stocks/NYSE/COHR/news/ , https://www.marketbeat.com/stocks/NASDAQ/NBIS/news/ , https://www.marketbeat.com/stocks/NASDAQ/SKHY/news/ , https://www.marketbeat.com/stocks/NASDAQ/CRWD/news/ , https://www.marketbeat.com/stocks/NASDAQ/ZS/news/
• BestStocks, October 23, 2026: Why NET Stock Moved Today — https://beststocks.com/stocks/net/what-changed
• Bloomberg, October 23, 2026: Chipmakers Post Longest Weekly Drop Since November (close report) — https://www.bloomberg.com/news/videos/2026-10-23/chipmakers-post-longest-weekly-drop-since-november-video
• Bloomberg, October 23, 2026: SpaceX Shakes Up Telecom Stocks | Closing Bell — https://www.bloomberg.com/news/videos/2026-10-23/spacex-shakes-up-telecom-stocks-closing-bell-video
• Bloomberg, October 23, 2026: Data Centers Face Downgrade Risk Amid Local Pushback, S&P Say — https://www.bloomberg.com/news/articles/2026-10-23/data-centers-face-downgrade-risk-amid-local-pushback-s-p-says
• CNBC, October 23, 2026: AI's 'Black October': Critical PHP flaws set off global security scramble — https://www.cnbc.com/2026/10/23/php-vulnerabilities-ai-cybersecurity.html
• CNBC, October 23, 2026: Meta shares are down 9% this week — https://www.cnbc.com/2026/10/23/meta-shares-rough-week-mike-khouw-is-buying.html
• CNBC, October 23, 2026: SK hynix shelves Solidigm IPO plan — https://www.cnbc.com/2026/10/23/sk-hynix-solidigm-ipo-.html
• CNBC, October 23, 2026: With earnings in the rearview mirror, SpaceX-Tesla merger chatter takes center stage — https://www.cnbc.com/2026/10/23/spacex-tesla-merger-chatter-takes-center-stage-after-earnings.html
• MarketWatch, October 23, 2026: The mobile ambitions of SpaceX are hitting telecom stocks again — https://www.marketwatch.com/story/the-mobile-ambitions-of-spacex-see-telecom-stocks-get-hit-again-what-the-latest-developments-mean-9a4159b5
• MarketWatch, October 23, 2026: This hot AI-fueled stock has been in a rut. It just beat earnings expectations by 36% — https://www.marketwatch.com/story/this-hot-ai-fueled-stock-has-been-in-a-rut-it-just-beat-earnings-expectations-by-36-4a4188cb
• Security identity: SK hynix ADR (SKHY, Nasdaq, listed 2026-07-10) and TransAlta (TAC), per the desk's securities registry and watchlist notes.
• Cause checks: per-name news receipts for Bloom Energy, Western Digital, AT&T, T-Mobile, Meta, Tesla, Zscaler, CrowdStrike, Palo Alto Networks, Cloudflare, Nebius, SK hynix, Coherent, Micron and Seagate were pulled 2026-10-23 (ok, not stale) and read; ServiceNow's last pull was 2026-09-25, so its move was not checked, and Lumentum's and Arm's 2026-10-23 pulls hold nothing that explains their moves (Lumentum's newest article is dated 2026-10-09); research/stock-events/ holds earnings records for the names above and no other event for these names on the move dates; captures dated 2026-10-23 in articles were read for the cited context.