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Thursday was ugly: the Dow fell more than 1,800 points, the S&P 500 dropped 4.4%, and the Nasdaq Composite shed 5.5% — its worst session since April 2025 — closing in correction territory and erasing the entire post-election rally. The Cboe Volatility Index finished at 28.18, its highest close since March 30. Estimates of destroyed market value across S&P 500 names range from roughly $2.2 trillion to nearly $3 trillion.
Democrats took majorities in both chambers, flipping Texas and Kansas, and exit polling showed 56% of voters called AI and data centers a crucial or major factor in their vote. Senior Democrats including Bernie Sanders are now calling for a national data center moratorium. CNBC frames the buildout as shifting into a "war of attrition" — in Q2 2026 alone, at least 45 projects worth $68 billion were already disrupted by local opposition.
Nvidia fell 9.26% Thursday to close at $181.60, torching roughly $400 billion to $450 billion in market value — its largest single-day percentage drop since the DeepSeek shock. Shares rebounded about 4% to 5% in Friday's premarket, trading near $189. Street consensus price target sits at $327.14, which is a wide gap to current levels and tells you how little the sell-side has reset so far.
AMD closed Thursday at $404.40, off 17.26%, even though its AI hardware business showed substantial growth in the just-reported quarter. The company's OpenAI and Meta chip agreements triggered a roughly $1 billion quarterly charge tied to those deals. Shares were up 7% to 8% in Friday premarket, suggesting the market is re-pricing AMD's AI demand faster than Thursday's tape implied.
Micron closed at $656.39 Thursday, down 17.46%, as investors cut exposure to AI memory supply-chain risk. Friday premarket it rose 7.95% to $708.57. The fundamental backdrop hasn't changed: raw memory chip costs are running roughly 284% above November 2025 levels as HBM capacity crowds out conventional DRAM, though Micron's global DRAM share slipped to 21% from 26% a year ago.
A Reuters exclusive says prospective IPO investors are questioning whether Anthropic can launch its roadshow the week of November 9 and complete a November listing. Buyers are pressing for a cheaper entry, treating the discussed $1.5 trillion valuation as a ceiling rather than a starting point. Anthropic reported $17.0 billion in revenue for the quarter ended September 30, 2026.
Reuters reports roughly 600,000 Nvidia H200 accelerators are warehoused in Hong Kong awaiting mainland import clearance that hasn't come. Beijing cleared a first batch for ByteDance, Alibaba and Tencent back in January, but each has received only about 10,000 units since. Nvidia's own filings state it has generated zero revenue under the H200 licensing program to date, and total approvals may land below 200,000 chips.
Qualcomm posted fiscal Q4 revenue of $10.32 billion and adjusted EPS of $2.17, both ahead of consensus, but handset chip revenue fell 26% and December-quarter guidance of $2.15 to $2.35 EPS straddles the $2.27 consensus. The stock fell about 9%. Targets came down across the board: UBS to $180 from $185, TD Cowen to $185 from $200 on a Buy, and Barclays to $150 from $180 with a Sell. The new data center segment should clear $650 million this quarter but drags segment margins.
OpenAI has secured roughly $11 billion of commitments against an initial $30 billion target and is now courting family offices and high-net-worth individuals to reach about $20 billion. President Greg Brockman said the company could be IPO-ready in 2027, and OpenAI formed a strategic partnership with JPMorganChase. It also signed a $38 billion compute agreement with Amazon and published a data center framework pledging no NDAs and no ratepayer cost pass-through.
The second-derivative AI names got hit hardest: Hut 8 fell 23%, IREN 11%, Core Scientific 10% and Applied Digital 6.7%. Semicap equipment saw real downgrades, not just price-target trims — Morgan Stanley cut Camtek to Underweight with a $126 target from $152, and Power Integrations dropped 17.1% after Susquehanna went to $55 from $70. Benzinga also flagged ten major AI names, Nvidia and Micron included, now sitting below their 200-day moving averages.
