Palantir posted adjusted EPS of 44 cents on $2.31 billion revenue, versus 41 cents and $2.18 billion expected, with revenue up 96% year over year. US commercial revenue jumped 148% to $984 million — the first time it has outrun US government revenue at $953 million — and full-year guidance was lifted to roughly $8.53 billion. Shares still fell more than 8% in premarket trading as investors zeroed in on a deceleration in US commercial bookings.
Oracle filed to raise roughly $10 billion in new stock and $10 billion in bonds to fund AI and cloud infrastructure, landing just days after management told investors $20 billion was all it would need to borrow through fiscal 2030. The stock dropped 8.8% to $119.22 on dilution and balance-sheet concerns, extending its 2026 decline to about 39%.
Super Micro lifted its fiscal Q1 2027 revenue estimate to $18.5–$19.5 billion from $14.5–$15.5 billion, roughly $4 billion above the midpoint and well clear of the $14.9 billion consensus, citing surging AI platform demand. Gross margin guidance moved up to 12.0%–12.5% from 10.4%–10.8% on customer and product mix. Shares jumped double digits in extended trading; the full report and call land today at 5 p.m. Eastern.
AMD reports Q3 after the close today, call at 5 p.m. Eastern, with Wall Street looking for about $1.95 in adjusted EPS on $13.09 billion in revenue, up roughly 41% year over year. Data center revenue is modeled near $8.19 billion, up about 88%, and gross margin near 56%. The stock fell 7.5% on Monday in a broad chip selloff, so the Helios AI system ramp and Q4 guidance carry outsized weight.
Melius Research kept its Buy on Nvidia but cut the price target to $315 from $420, a 25% trim, while taking Marvell to $300 from $445 and AMD to $600 from $660. Targets on Broadcom, Dell, Qualcomm and CoreWeave also came down. The firm's argument isn't about demand — it's that the wave of debt and equity issuance funding the buildout is now the sector's biggest risk.
The Nasdaq Composite fell 1.07% to 25,164.32 and the S&P 500 slipped 0.51% to 7,541.40, while the Dow rose 213.67 points, or 0.4%, to 51,983.98 as oil posted its sharpest drop in three months. AI hardware led the damage: AMD down 7.52%, Micron down 5.78%, Dell down 7.43%. Both benchmarks had been up over 1% intraday before the gains evaporated.
Anthropic filed an amended Form S-1 on November 2 showing $17 billion in Q3 revenue, up 1,127% year over year, and $33.24 billion over the first nine months of 2026. But it swung to a $567 million operating loss from a $974 million operating profit in Q2, and disclosed $895.4 billion in committed AI compute and infrastructure spend, including $70 billion due within twelve months. The IPO is targeted for late November — not yet publicly traded.
Microsoft is raising $25 billion in bonds priced between 4.85% and 6.35%, with the offering expected to close November 4, after posting $45.2 billion of quarterly capex and trimming its fiscal 2027 spend plan to about $170 billion from $175 billion. Meta is marketing a $20–25 billion investment-grade deal across up to six tranches on the back of a raised 2026 capex range of $125–145 billion. Combined with Amazon's $80 billion loan facility and Alphabet's issuance, the big four are tapping markets for north of $131 billion.
Morgan Stanley told clients semiconductor stocks likely have another 10% to 15% to fall before bottoming around mid-November, with the Philadelphia Semiconductor Index potentially reaching 9,500. The firm sees short-term S&P 500 downside to 7,100–7,200. The core argument: AI infrastructure costs are climbing faster than returns, citing Gartner data that 72% of CIOs are breaking even or losing money on AI deployments.
Per a Financial Times report cited Tuesday, Nvidia has instructed cloud and data center customers to keep Chinese companies to no more than 49% of their customer base — a signal the company expects China to stay a shrinking, legally fraught market. Nvidia shipped 678,000 AI accelerators into China in the first half of 2026, down 44% year over year, while Huawei moved 572,000 units. Approved H200 shipments to selected Chinese customers remain under 1% of data center revenue.
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