11/2/2026
By Charles Payne, CEO & Principal Analyst

2000 Again?

At the start of the dotcom implosion, the rest of the market also outperformed tech badly. For several fundamental reasons, I don’t see the same scenario. I am on guard because warnings and misses usually come after a peak, but again, based on fundamentals and valuations, this is not the same.

Hyperscalers Slide

But last week was disappointing for the hyperscalers, and several came up short:

• Meta Platforms (META) took a major legal charge
• Amazon (AMZN) saw free cash flow (FCF) turn $42.4 billion negative
• Google (GOOGL) saw search slammed and free cash flow negative again  

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Charles Payne
Wall Street Strategies