Moe’s Market Memo – October 23, 2026
Weekly data-driven insights on the markets and economy
Mohammad Abouchleih, MBA, CIMA®
Senior Investment Consultant
Crypto Meets Cosmos
Today, it was reported that SpaceX and Tesla are exploring a potential merger that would combine approximately 30,000 Bitcoin, worth roughly $2.5 billion, under one corporate umbrella. On Wednesday, Elon Musk confirmed that both companies have formed independent committees to evaluate the proposal, though no terms have been finalized, and a deal remains uncertain. If completed, the merger would further intertwine corporate strategy and digital assets, while raising questions about how a combined company might manage one of the largest Bitcoin treasuries in the market.1
Luxury Lift-Off
On Wednesday, United Airlines announced the opening of its largest-ever airport lounge at Houston’s George Bush Intercontinental Airport, a 54,000-square-foot facility that can accommodate 800 travelers and serves as the centerpiece of a broader $2.6 billion terminal redevelopment. The new lounge reflects a broader industry push toward premium travel experiences, as airlines invest heavily in amenities designed to attract elite frequent flyers, co-branded credit card holders, and higher-spending passengers. The move follows similar lounge expansion efforts across the industry, underscoring the growing importance of premium offerings in driving airline revenue and customer loyalty.2
AI Goes Public
According to reports published today, Anthropic is preparing to publicly file its S-1 registration statement as early as Friday, a key step toward what could become the largest IPO in history. The filing would offer investors their first detailed look at the AI company’s financials, following reports of rapid revenue growth alongside massive spending on AI infrastructure. The offering is expected to serve as a major test of investor confidence in the AI sector at a time when public-market enthusiasm for high-growth technology companies is facing increased scrutiny.3
Housing Market Deep Freeze
New data released Tuesday showed the U.S. housing market remained firmly stalled in September, as rising mortgage rates weighed heavily on both homebuyers and builders. Pending home sales fell 7.3% month over month and 11.3% year over year, while housing starts dropped to their lowest level in a year, and homebuilder sentiment sank to a 14-year low. The figures underscore how higher borrowing costs continue to suppress housing activity, suggesting residential construction and home sales could remain a drag on economic growth well into 2027.4
Membership Power Play
Walmart expanded its membership offerings this week by introducing a new joint membership that combines Walmart+ and Sam’s Club Plus for $120 annually, offering customers delivery benefits, fuel discounts, streaming subscriptions, and warehouse-club access at a substantial discount compared with purchasing the plans separately. The move reflects Walmart’s broader strategy to deepen customer loyalty and grow higher-margin membership revenue while appealing to consumers grappling with elevated food and gas prices. By linking its retail and warehouse brands under a single subscription, Walmart is betting that convenience, value, and recurring membership income will help drive long-term growth.5
Fuel Shock Reroute
In earnings released Tuesday, United Airlines lowered its 2026 profit outlook as surging fuel costs continue to pressure margins, projecting significantly lower fourth-quarter earnings than Wall Street expected. Despite the weaker forecast, the carrier reported resilient travel demand, with passenger volumes rising more than 2% year over year and revenue increasing 17.4%, aided by higher domestic and international fares. The results underscore a key challenge facing the airline industry: Strong consumer demand is helping offset rising costs, but persistent fuel inflation continues to weigh heavily on profitability.6
[i] Daodu, Sam. “SpaceX and Tesla Are Exploring a Merger That Would Hold 30,000 BTC. What Could It Mean for Bitcoin?” Yahoo Finance, 21 October 2026, https://finance.yahoo.com/markets/crypto/articles/spacex-tesla-exploring-merger-hold-144352889.html. Accessed 21 October 2026.
[ii] Josephs, Leslie. “United Airlines Set to Open Its Biggest Airport Lounge in $2.6 Billion Overhaul at Houston Hub.” CNBC, 21 October 2026, https://www.cnbc.com/2026/10/21/united-airlines-biggest-airport-lounge-houston.html. Accessed 21 October 2026.
[iii] Hollerith, David, and Daniel Howley. “Anthropic to Publicly File for IPO as Early as Friday, Sources Say.” Yahoo Finance, 20 October 2026, https://finance.yahoo.com/markets/article/anthropic-to-publicly-file-for-ipo-as-early-as-friday-sources-say-135343841.html. Accessed 21 October 2026.
[iv] Olick, Diana. “September Data Shows Housing Market in a Deep Freeze.” CNBC, 20 October 2026, https://www.cnbc.com/2026/10/20/september-data-shows-housing-market-in-a-deep-freeze.html. Accessed 21 October 2026.
[v] Neelakandan, Laya. “Walmart Launches Joint Membership With Sam’s Club as It Leans Into Delivery, Gas Discounts.” CNBC, 20 October 2026, https://www.cnbc.com/2026/10/20/walmart-sams-club-plus-membership.html. Accessed 21 October 2026.
[vi] Josephs, Leslie. “United Airlines Slashes 2026 Profit Outlook on Fuel Prices, but Travelers Keep Booking Despite Higher Fares.” CNBC, 20 October 2026, https://www.cnbc.com/2026/10/20/united-airlines-ual-3q-2026-earnings.html. Accessed 21 October 2026.
This material is for general information and educational purposes only. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions.
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