# Research run 2026-11-06T03:40 UTC ## What changed - Nasdaq closes -5.5% into correction; chip index -12.3%, worst day since 2020, on data-centre rule fears. - Holdings at the close: MU -17.5%, MRVL -16.4%, TSM -10.8%, NVDA -9.3%; BABA the only gainer. - Cloudflare beats: revenue +39%, Q4 guide above; up 14.7% after hours after -8.3% in the session. - Lumentum guides next quarter up about 27% but fell 18.7%; read-across for the Marvell deal. - Next: jobs Sat 00:30 AEDT; loanDepot Q3 Mon Nov 9; CPI Wed Nov 11; Nvidia Wed Nov 18. ## Market summary US stocks had their worst day since April 2025 on Nov 5: Nasdaq -5.5%, S&P 500 -4.4%, Dow -3.4%. The chip index fell 12.3%, its worst day since 2020, on fears that midterm results bring tighter data center rules; Micron -17.5%, Marvell -16.4%, TSMC -10.8%, Nvidia -9.3%. A Fed official also argued for more hikes. After hours, Cloudflare rose about 15% on a beat and raise, Nvidia added 1.3% and Lumentum 3.1%. ## Holdings - AMZN: hold - Fell 2.2% in the AI rout, far less than chips. AWS thesis unchanged. - AXOS: hold - Down 2.2% with the market. No company news; cheap at about 9x forward. - BABA: hold - One of few gainers, up 2.6% as money left US AI names. - ENPH: watch - Down 8.2% on a risk-off day. Still waiting for a demand floor. - FIGR: hold - Down 9.2% with high-beta growth. No company news. - GOOGL: hold - Down 2.2%, held up well against the Nasdaq's 5.5% drop. - LDI: hold - Down 7.9%, then another 4% after hours. Q3 results due Nov 9. - META: hold - Down 4% with AI spenders on data center regulation fears. - MRVL: watch - Down 16.4%. Lumentum's strong guide supports optics demand, but policy risk on data centers is new. Stay on watch. - MU: hold - Down 17.5% on data center policy fears and a reported Taiwan plant pause. Now over 30% off its Oct 28 high. Forward P/E very low on peak-cycle earnings estimates. - NFLX: hold - Down 1.3%; not exposed to the AI capex trade. - NVDA: hold - Down 9.3%, near a seven-month low; up 1.3% after hours. About 15x forward. - OPENAI: hold - Private. Data center regulation talk is a risk to its build-out plans. - RKT: hold - Down 1.3%, a mild move on a rough day. - STRIPE: hold - Private. No new news. - TSM: hold - Down 10.8% with the chip index. Demand thesis unchanged; about 17x forward. ## Watchlist - ALAB:US Astera Labs - watch (medium) - Nov 5 about 1:36pm ET (intraday, not final): $186.06 (-16.7%) after $223.27 (-4.4%) Nov 4. No company news; sold with AI chips on midterm data-centre fears. Q3 (Nov 3) revenue $584.9M (+154% y/y), Q4 guide $730-750M. Now about 51% below the Oct 7 close of $382.25. - AMD:US Advanced Micro Devices - watch (medium) - Nov 5 about 1:36pm ET (intraday, not final): $413.06 (-15.5%) after $488.78 (+1.0%) Nov 4. Among the worst S&P decliners as AI chips sold off on the Democratic sweep. Q3 revenue $13.4B, data centre $8.5B (+97%); Q4 guide about $17B. - ASML:US ASML - buy (high) - Nov 5 about 1:36pm ET (intraday, not final): $1,383.22 (-7.6%) after $1,496.30 (-3.6%) Nov 4. EUV monopoly; fell with chips on data-centre fears. - AVGO:US Broadcom - accumulate (medium) - Nov 5 about 1:36pm ET (intraday, not final): $297.31 (-8.7%) after $325.48 (-2.0%) Nov 4; held up better than AMD and ALAB. Custom accelerators for Google, Meta, OpenAI and Anthropic plus Ethernet; $63B Anthropic lease vehicle delivers from 2027. - CLS:US Celestica - accumulate (high) - Nov 5 about 1:36pm ET (intraday, not final): $206.01 (-12.9%) after $236.41 (-9.1%) Nov 4; about 31% below the Oct 28 close of $299.80. No company news. 2027 outlook $40B revenue and $21.50 EPS puts it near 9.6x 2027 EPS. - SKHY:US SK hynix - accumulate (high) - Nov 5 about 1:36pm ET (intraday, not final): $126.18 (-11.8%) after $143.07 (-5.1%) Nov 4. Kospi fell 5.3%. Q3 operating profit about KRW 83.3T; HBM4 in mass production. Qualcomm blamed its miss on higher memory costs, which shows pricing power. - VRT:US Vertiv - accumulate (medium) - Nov 5 about 1:36pm ET (intraday, not final): $175.05 (-14.8%) after $205.55 (-12.9%) Nov 4; about 26% down in two sessions. No company news; pure data-centre policy selling. - BE:US Bloom Energy - accumulate (medium) - Nov 5 about 1:36pm ET (intraday, not final): $166.72 (-16.8%) after $200.40 (-6.4%) Nov 4; the Nov 3 Barclays-upgrade gain is gone. Q3 revenue $1.236B (+138%); 2026 guide $4.4-4.6B. - GEV:US GE Vernova - accumulate (high) - Nov 5 about 1:36pm ET (intraday, not final): $772.05 (-7.3%) after $832.83 (-9.3%) Nov 4. Only about 20% of contracted gas-turbine capacity serves data centres; backlog about $197-200B; buyback $20B. - HOOD:US Robinhood Markets - watch (medium) - Nov 5 about 1:36pm ET (intraday, not final): $77.15 (-11.7%) after $87.41 (+2.0%) Nov 4. No company news found; fell with high-beta growth as the S&P dropped about 3.5%. - MELI:US MercadoLibre - accumulate (medium) - Nov 5 about 1:36pm ET (intraday, not final): $1,509.27 (-13.3%) after Q3. Revenue $10.75B (+45%, +41% FX-neutral); operating income $676M (-6%), margin 6.3%; net income $448M (+6%), EPS $8.83. TPV $109B (+53%), GMV $23B (+38%), credit book about $18B (+62%). - NET:US Cloudflare - accumulate (high) - Nov 5 about 1:36pm ET (intraday, not final): $237.60 (-10.9%) ahead of Q3 results after the close today. Q3 guide (Aug 6) $736-737M revenue and $0.34 non-GAAP EPS; FY guide $2.864-2.870B. Results not yet out at time of writing. - SE:US Sea Limited - watch (low) - Nov 5 about 1:36pm ET (intraday, not final): $75.06 (-6.4%) after $80.19 (+4.5%) Nov 4. Shopee, Garena and Monee; less AI-exposed than most of the list. - 6861:JP Keyence - buy (high) - Factory automation sensors and vision, about 50% operating margin, net cash. Nikkei fell 1.8% Nov 5 vs Kospi -5.3%; Keyence is not a data-centre name. No fresh dated quote found. - TER:US Teradyne - accumulate (medium) - Nov 5 about 1:36pm ET (intraday, not final): $219.76 (-12.4%) after $250.99 (-6.8%) Nov 4. AI accelerator and HBM test demand. ## Calendar changes - removed 2026-11-05-ldi-q3 - added 2026-11-09 LDI loanDepot Q3 results ## New news (6) - 2026-11-05 [negative] MU: Chip stocks have worst day since 2020; Micron falls 17.5% - The chip index fell 12.3% with all 30 members down. Micron fell 17.5%, Nvidia about 9%, also hit by a reported pause at a Taiwan plant over a labor dispute. <https://www.tradingkey.com/analysis/stocks/us-stocks/262284414-us-stocks-close-nasdaq-sp500-dow-enters-correction-ai-selloff-tradingkey> - 2026-11-05 [negative] NVDA: Nasdaq enters correction as AI trade unwinds - Nasdaq -5.5%, S&P 500 -4.4%, Dow -3.4%. Worry that new Democratic lawmakers will slow data center approvals. Goldman puts about 45% of planned US capacity in states likely to tighten rules. <https://finance.yahoo.com/markets/live/stock-market-today-thursday-november-5-dow-sp-500-nasdaq-plunge-chip-stocks-melt-down-193726491.html> - 2026-11-05 [negative] MRVL: Marvell falls 16.4% in chip selloff - Marvell closed down 16.4% and TSMC down 10.8% as chip and AI infrastructure names were sold. <https://www.theglobeandmail.com/investing/markets/stocks/MU/pressreleases/8679739/lam-research-monolithic-power-systems-marvell-technology-micron-and-onsemi-shares-are-falling-what-you-need-to-know/> - 2026-11-05 [positive] NET: Cloudflare Q3 revenue up 39%, guide raised; shares up 15% after hours - Q3 revenue $782.5M, up 39%. Q4 guide $845-846M; full-year raised to about $2.96B. Shares fell 8.3% in the session, then rose 14.7% after hours. <https://www.cloudflare.net/news/news-details/2026/Cloudflare-Announces-Third-Quarter-2026-Financial-Results/default.aspx> - 2026-11-05 [positive] MRVL: Lumentum beats and guides next quarter up about 27% - Revenue $1.26B, inside guidance. Next-quarter guide $1.575-1.625B. Positive read-across for optical AI networking. Lumentum fell 18.7% in the session, up 3.1% after hours. <https://investor.lumentum.com/financial-news-releases/news-details/2026/Lumentum-Announces-First-Quarter-of-Fiscal-Year-2027-Financial-Results/default.aspx> - 2026-11-05 [negative] LDI: loanDepot falls 7.9% ahead of Nov 9 results - No Q3 report yet; results due Nov 9. Shares fell another 4% after hours. <https://stockanalysis.com/stocks/ldi/> ## Notes Closing-price run after the US session. MU forward P/E low (3.7-4.6x across two sources) reflects peak-cycle EPS estimates. Watchlist/indicators/calendar otherwise carried from the 18:40 UTC run.
Nothing here is financial advice. Holdings and opinions are my own; the "agent" sections are written by an automated research skill and may be wrong. Built 2026-11-06 03:42 UTC.