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🌙 After the Close

CoreWeave's revenue beat and raised guidance kept the AI momentum rolling through the close, with the Nasdaq up 2.3 percent as semiconductor and infrastructure stocks surged higher. The broader market followed suit, the S&P 500 climbing 1.3 percent on the back of resurgent risk appetite after yesterday's panic over Nvidia governance concerns proved fleeting. Technology stocks soared 3.2 percent and the VIX collapsed as investors decided hard evidence of persistent data center capex demand matters far more than governance theater. This is a capitulation to the AI thesis, plain and simple.

The after-close has served up fresh questions about Nvidia's leadership, with multiple lawmakers now calling for investigations into Jensen Huang and congressional subpoenas floating around. Yet the futures are pointing higher across the board: the E-mini Nasdaq is up 1.32 percent and the S&P 500 E-mini is up 0.80 percent, suggesting the market is shrugging off the political theater as noise. Apple continues to hit records, and the broader tech setup looks constructive heading into tomorrow. Unless something material breaks overnight, Thursday's open should see the AI trade continue to command the room.

⚠️ Risks & Opportunities

• Nvidia's governance crisis is creating a bifurcation in mega-cap tech: CoreWeave's 25% pop and Nasdaq 100 futures up 1.3% show investors are rotating into AI infrastructure plays while ditching single-name Huang risk, making this less a tech selloff and more a reshuffling within the sector.

• The Huang subpoena calls and "hubris" narratives carry real litigation tail risk that could take months to resolve, but the stock move today is contained because markets are pricing in leadership continuity; any sudden acceleration in political pressure could trigger a sharper deleveraging in semiconductor names that led tech's 3.2% surge.

• Gold down 1.16% while real yields rise (10Y at 106.17 down 0.08%, 30Y up 0.12%) creates a classic risk-off setup before tomorrow's jobs data and Thursday's PPI prints, meaning the market is pricing in sticky inflation rather than a rate-cut sprint, so positioning for a 25bp hike odds pop on hot inflation reads makes tactical sense.

• Energy futures mixed (WTI up 0.22%, heating oil up 2.05% but natural gas down 1.55%, RBOB down 0.31%) and the dollar flat tells you crude is supply-driven not macro-driven right now, leaving crude vulnerable to a hawkish CPI surprise that would weaken demand expectations.

• Small-cap futures holding gains (Russell 2000 up 0.66%) despite rate rises and a strong dollar suggests fiscal optimism tied to Mississippi Senate win shifting power in December lame-duck negotiations, but this can evaporate fast if inflation data accelerates and the Fed signals a longer hold on rates.

• Long-duration Treasuries rallying into front-month PPI (Ultra T-Bond up 0.32%) is a crowded positioning trap; if Thursday's prints surprise hot, you get a fast unwind of duration longs and equity volatility spike disguised as "rate shock" when really it's just leverage fleeing.

🚀 Notable Movers

• MU surged on strong demand for AI infrastructure chips, following CoreWeave's beat on Q3 revenue and upbeat outlook for data center sales.
• ARM jumped after beating on EPS, as semiconductor stocks rallied on CoreWeave's results and positive forward guidance for AI data center revenue.
• DELL climbed on broad strength in chip stocks and AI infrastructure demand, as CoreWeave's earnings reignited appetite in the sector.
• SKHY rose on the AI data center boom and HBM4 ramp-up.
• AMD beat on both EPS and revenue while also benefiting from CoreWeave's strong Q3 earnings report and bullish outlook for future AI data center sales.
• INTC gained as semiconductor stocks broadly rallied on CoreWeave's beat and positive guidance for AI infrastructure demand.
• ANET, LRCX and ORCL each rose alongside the chip sector rally sparked by CoreWeave's results and strengthening data center outlook.
• MSFT fell despite beating on both EPS and revenue on its October 28 report, with no specific catalyst for today's decline evident in the news.
• SE missed on EPS and fell with no other catalyst listed in the news.
• HMC plunged after missing badly on EPS, dropping 66.5% versus estimates, though the company did raise its FY2027 profit outlook.
• RVMD dropped with no specific catalyst showing in the news.
• ABNB fell despite beating on both EPS and revenue on its November 5 report, with no clear reason for today's decline in the available headlines.
• NTES, SPCX, PBR.A, RYAAY and FNV each declined with no specific catalyst evident in today's news.