SK hynix jumped without a clear catalyst

Key highlights

1. AI chips & foundryNvidia shares rebound 5% as Huang faces scrutiny ahead of earningsNVDA -5.5%
2. Memory & storageSK hynix wins top safety, cybersecurity certifications to target physical AISK hynix +6.7%
3. AI models & applicationsD-Wave Sinks 8% as Q3 Loss Misses and Quarterly Bookings Fall 19% After Quantum RallyQBTS -8.6%
4. Data centers, cooling & build speedSoftBank Logs $7 Billion Loss After US Data Center Costs Swell
5. Power & gridState Street Utilities SPDR Buys $76 Million More NextEra on MondayNEE -0.7%
6. Policy & regulationNew Dem regulators plan to take on Georgia Power’s data center gas boom

Markets

The S&P 500 fell 0.4%, the Nasdaq 100 fell 0.7% and chip stocks moved with the market (-0.8%). Asia had a rally: KOSPI +2.6%, Taiwan TAIEX +3.6%, Nikkei 225 +1.3%, Hang Seng -1.0%. In Korean memory, SK hynix rose 6.7% and Samsung +4.7%. The US 10-year yield rose 12bp to 4.98%; oil +1.4%, VIX 18.6.

The AI chain today average move · day / week

AI chips & foundry +2.3%

Chip stocks +2.3% on the day (27 of 40 up), -7.6% on the week. Tokyo Ohka Kogyo led (+9.9%) and NVIDIA lagged (-5.5%).

• TSMC’s Sales Jumped 15% in October. Nvidia’s Supplier Isn’t Seeing the AI Slowdown YetTSM +2.0%NVDA -5.5%
• Samsung, AMD partner to bolster chip test infrastructure with EPYC and DDR5/CXLSamsung Electronics +4.7%AMD +1.3%

Lithography Machines +5.3% Stood out today

Lithography Machines stocks +5.3% on the day (3 of 4 up), -7.4% on the week. Tokyo Ohka Kogyo led (+9.9%).

Chip Substrates +5.8% Stood out today

Chip Substrates stocks +5.8% on the day (3 of 4 up), -12.4% on the week. Unimicron led (+9.4%).

Memory & storage +2.2%

Memory and storage stocks +2.2% on the day (3 of 7 up), -16.5% on the week. Kioxia led (+9.2%) and SanDisk lagged (-3.0%).

• AMD is running over 100 servers at 50% DRAM capacity with MEXTAMD +1.3%
• Google's AI chip expansion opens new doors for Samsung, SK hynixGOOGL -0.3%Samsung Electronics +4.7%

Optics & networking -1.1%

Optics and networking stocks -1.1% on the day (7 of 19 up), -8.1% on the week. Eoptolink led (+4.4%) and AXT lagged (-8.4%).

• Nokia eyes AI optical interconnect market, potentially challenging Lumentum and CoherentLITE -1.8%COHR -4.7%
• Arista Networks: 3 Key Takeaways for Long-Term InvestorsANET -0.6%

Servers, racks & components +2.5%

Server and component stocks +2.5% on the day (20 of 27 up), -7.1% on the week. Gold Circuit Electronics led (+10.0%) and TTM lagged (-4.1%).

• Vertiv partners with Infineon to scale power semiconductors for AI data centersVRT -3.1%Infineon Technologies +0.9%
• Nexperia expands SiC portfolio with 750V trench MOSFETs for high-efficiency power conversion

Power & grid -0.7%

Power and grid stocks -0.7% on the day (21 of 50 up), -4.3% on the week. Hyosung Heavy Industries led (+12.7%) and Fluence Energy lagged (-9.1%).

• GE Vernova Falls 4% as SoftBank’s Ohio Data Center Undergoes “A Thorough Reassessment”GEV -3.9%
• E.ON reviews former German nuclear sites for data centres

Uranium & Enrichment -5.1% Stood out today

Uranium & Enrichment stocks -5.1% on the day (0 of 5 up), +4.1% on the week. Centrus Energy lagged (-6.4%).

Data centers, cooling & build speed +0.1%

Data center, cooling and builder stocks +0.1% on the day (7 of 22 up), -8.7% on the week. Asia Vital Components led (+9.8%) and IREN lagged (-7.8%).

• Data center proposed within Cleveland's Union Trust Building, Ohio
• Savvy entrepreneurs are driving a surge in data-center RV parks

Hyperscalers & AI spending -0.5%

Hyperscaler stocks -0.5% on the day (1 of 5 up), +2.0% on the week. Microsoft lagged (-2.2%).

• Microsoft stock sinks as new AI rival targets $27 billion businessMSFT -2.2%

Neoclouds, bonds & AI financing -2.1%

Neocloud stocks -2.1% on the day (1 of 5 up), -10.9% on the week. Core Scientific led (+3.2%) and IREN lagged (-7.8%). The news was mostly about financing and debt.

• CoreWeave sparks AI cloud stock rally, lifts Nvidia as results ease bubble fearsCRWV -0.5%NVDA -5.5%
• Utah-Based Startup Raises $500 Million for Modular AI Data Center
• Atomarine raises $19m for nuclear-powered floating data centers

AI models & applications -1.1%

AI software and security stocks -1.1% on the day (14 of 35 up), +1.7% on the week. Rocket Lab led (+6.5%) and AST SpaceMobile lagged (-8.7%).

• Rigetti Computing CEO Says Focus on Quantum Milestones, Not Sales NumbersRGTI -6.4%
• Anthropic targets valuation of up to $1.4tn in IPO

Robotics & physical AI +0.6%

Robotics stocks +0.6% on the day (25 of 45 up), +0.0% on the week. Harmonic Drive Systems led (+10.2%) and Red Cat lagged (-6.4%).

• GITEX 2026 to debut World RobotiX in Dubai with global humanoid showcases
• China robot startups face bankruptcies as investment falls and valuations drop
• Amazon's Ring unveils flying drone and robot to patrol homes and businessesAMZN +1.5%

Materials -2.6%

Materials stocks -2.6% on the day (8 of 25 up), +2.0% on the week. Lynas Rare Earths led (+4.2%) and USA Rare Earth lagged (-9.6%).

• China’s Copper Crunch Puts Industry on Defensive as Costs Soar
• Copper supply tightens as China concentrate imports fall 11%

Policy & regulation

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

• Musk seeking tax breaks for $24B data center in SpaceX's hometown
• Veterans Launch Call for Moratorium on Data Centers on Public Lands

Data & what's coming

• H100 rental price: +1.9% over 7 days.

Next 7 days

• 11-11EarningsHon Hai (Foxconn) (2317.TW)
• 11-11EarningsSUMCO (3436.T)
• 11-11EarningsHarmonic Drive Systems (6324.T)
• 11-11EarningsSiemens Energy (ENR.DE)
• 11-11Data releaseKorea 10-day exports
• 11-12EarningsApplied Materials (AMAT)