More money going into the build-out

Key highlights

1. Neoclouds, bonds & AI financingCoreWeave IREN and Nebius Stocks Sink as Election Results Spark AI Data Center FearsCRWV +7.2%IREN +11.1%
2. Power & gridCalifornia Resources and Bloom Energy eye 1GW of fuel cells across California to power data centers and other offtakersBE +9.1%
3. Policy & regulationOracle Cancels $7 Billion Tencent AI Chip Leasing Agreement Amid US Regulatory PressureORCL +5.8%
4. AI chips & foundryNvidia can only fulfill 1% of China’s massive $70 billion GPU order for AI chips, report claimsNVDA +2.3%
5. Data centers, cooling & build speedNavitas Soars 8% on onsemi’s 175% AI Data Center Jump Ahead of Its Own ReportNVTS +7.9%ON +3.5%
6. AI models & applicationsNot IonQ. Not Rigetti. This Quantum Computing Stock Could Be the Next to SoarIONQ +6.5%RGTI +3.9%

Markets

The S&P 500 rose 0.3%, the Nasdaq 100 rose 0.6% and chip stocks outperformed (+2.0%). Asia had a rally: KOSPI +0.6%, Taiwan TAIEX -0.8%, Nikkei 225 -1.4%, Hang Seng +1.7%. In Korean memory, SK hynix fell 5.0% and Samsung -4.2%. The US 10-year yield rose 6bp to 4.95%; oil -1.1%, VIX 18.7.

The AI chain today average move · day / week

AI chips & foundry +1.4%

Chip stocks +1.4% on the day (30 of 40 up), -5.9% on the week. Aehr Test Systems led (+26.5%) and GlobalWafers lagged (-9.9%).

• AMD rides AI chip boom, projects 80%+ revenue surge next yearAMD +3.6%
• Korea stocks jump as US chip rebound lifts KOSPI and KOSDAQ

Chip Substrates -5.7% Stood out today

Chip Substrates stocks -5.7% on the day (1 of 4 up), -7.5% on the week. Nan Ya PCB lagged (-9.7%).

Chip Testing & Burn-in +9.3% Stood out today

Chip Testing & Burn-in stocks +9.3% on the day (5 of 5 up), -2.2% on the week. Aehr Test Systems led (+26.5%).

• AI Stocks Surge on Tuesday: AEHR, Fabrinet, and Lattice Semiconductor All Jump More than 10%AEHR +26.5%FN +15.4%

Memory & storage -1.8%

Memory and storage stocks -1.8% on the day (4 of 7 up), -6.6% on the week. SanDisk led (+4.8%) and Kioxia lagged (-15.8%).

• Apple faces unprecedented memory cost increases as RAM prices continue to surge, manufacturing bill climbs by $33 billionAAPL -1.9%
• Micron, Sandisk, and SK hynix Stocks Rise on Strong Earnings and AI DemandMU +2.6%SNDK +4.8%
• Skip the "Magnificent Seven": 2 Underappreciated Memory Stocks With More Room to Run

Optics & networking +1.7%

Optics and networking stocks +1.7% on the day (14 of 19 up), -9.4% on the week. Fabrinet led (+15.4%) and Zhongji Innolight lagged (-12.7%).

• The Technical Limitation Behind Marvell’s $100B Purchase of LumentumMRVL +0.3%LITE -0.6%
• Coherent Stock Sees Modest Fair Value Cut As Analysts Weigh AI Demand RisksCOHR +3.8%
• CrowdStrike launches AI kill switch that it says can stop internal agents that go rogueCRWD +1.2%

AI Networking +3.3% Stood out today

AI Networking stocks +3.3% on the day (6 of 6 up), -8.9% on the week. Credo led (+7.8%).

• Supermicro and Arista Networks crush expectations as AI infrastructure wins againSMCI +3.1%ANET +3.5%
• Arista Networks Notches Biggest Revenue Gain Since 2014 IPOANET +3.5%

Servers, racks & components -1.4%

Server and component stocks -1.4% on the day (11 of 27 up), -7.2% on the week. Navitas Semiconductor led (+7.9%) and Walsin lagged (-10.0%).

• Samsung Electro-Mechanics' long-term deals top KRW5 trillionSamsung Electro-Mechanics -7.4%
• AI capacitor shortage to peak in 2027, Samsung secures $656 mn dealSamsung Electronics -4.2%
• onsemi Just Paid $600 Million for the Power Under AI ChipsON +3.5%

Power & grid +1.2%

Power and grid stocks +1.2% on the day (30 of 50 up), -1.2% on the week. Bloom Energy led (+9.1%) and Sumitomo Electric lagged (-6.0%).

• SpaceX, Tesla fall around 4% on Democrats' big winTSLA -1.3%
• PJM grid tackles AI power costs in race to avoid shortfalls

Data centers, cooling & build speed +3.4%

Data center, cooling and builder stocks +3.4% on the day (17 of 22 up), -0.9% on the week. Core Scientific led (+13.9%) and Sunonwealth Electric lagged (-5.5%).

• Google to invest $15bn in Malaysia's data center expansionGOOGL +0.4%
• Vertiv Soars 6%, Eaton Up 7% as Bernstein Calls Election-Day Data Center Fears OverblownVRT +5.2%ETN +7.0%

Hyperscalers & AI spending +2.7%

Hyperscaler stocks +2.7% on the day (5 of 5 up), -3.8% on the week. Oracle led (+5.8%).

• Here’s Why You Buy Amazon Even As It Spends More on AI Than It Generates From OperationsAMZN +2.1%

Neoclouds, bonds & AI financing +9.8%

Neocloud stocks +9.8% on the day (5 of 5 up), -8.1% on the week. Core Scientific led (+13.9%). The news was mostly about financing and debt.

• Applied Digital Surges 9% as AI Data Center Stocks Rebound From Financing JittersAPLD +9.8%IREN +11.1%
• OMS Group secures $1bn in financing for cable laying vessels

AI models & applications +1.8%

AI software and security stocks +1.8% on the day (26 of 35 up), -9.1% on the week. AbCellera Biologics led (+9.5%) and Recursion Pharmaceuticals lagged (-3.9%).

• OpenAI targets Microsoft's GitHub with deal for startupMSFT +2.7%
• Ted Schlein’s Ballistic Ventures seeks $490M for new funds amid AI-driven cybersecurity boom

Robotics & physical AI -0.2%

Robotics stocks -0.2% on the day (25 of 45 up), -2.5% on the week. RBC Bearings led (+4.9%) and Zebra lagged (-8.8%).

• China Robot Funding Slows to $1.6 Billion as Shakeout Fears Grow
• STM32 Summit 2026: STMicroelectronics announces its unified MCU platform, addressing technology convergence across industrial, automotive and physical AI applicationsSTM +2.9%
• KIST Builds Humanoid Robot With 90% Local Parts, Transfers Tech to LG

Materials -0.6%

Materials stocks -0.6% on the day (7 of 25 up), -4.8% on the week. AXT led (+6.5%) and Lithium Americas lagged (-4.1%).

• Letter: Recycling alone will not close the copper supply gap
• JAINREC: Q2 growth accelerated as copper expanded, while supply and logistics risks persist

Policy & regulation

Rules, taxes and local politics are now a regular part of the build-out story.

• US Export Curbs Complicate SK Hynix’s Proposed $45 Billion New York Chip InvestmentSK hynix -5.0%
• Dems made Big Tech a foil

Data & what's coming

• H100 rental price: -1.8% over 7 days.

Next 7 days

• 11-04EarningsNippon Sanso (4091.T)
• 11-04EarningsAlbemarle (ALB)
• 11-04EarningsArm Holdings (ARM)
• 11-04EarningsCamtek (CAMT)
• 11-04EarningsCognex (CGNX)
• 11-04EarningsCoherent (COHR)