Nasdaq Snaps Three-Day Losing Streak, SOX Rises 2.6%; Chip Stocks Rebound Strongly, SpaceX Gains 3.6%

SpaceX (SPCX) rose 3.62% to $141.31.

A Deutsche Bank research report noted that with the deployment of a new batch of Nvidia GB300 chips, SpaceX's AI computing capacity is expected to reach approximately 2.7 gigawatts (GW) by the end of the year, falling within the company's previous target range of 2.5 to 3.0 GW. The expansion in computing capacity is expected to support demand for cloud computing lease contracts and AI inference applications such as Grok. Deutsche Bank estimates that each cluster of 220,000 GB300 chips corresponds to approximately 440 megawatts (MW) of computing capacity. Deutsche Bank expects SpaceX may sign more large cloud computing contracts or expand orders from existing customers in the future. The bank maintains a "Buy" rating and a $250 price target on SpaceX.

The performance of major tech stocks today is shown in the chart below:

The Philadelphia Semiconductor Index rose 2.63% to 10,600.4 points. All 30 constituents advanced.

Meta USD Bond Sale Draws Up to $58 Billion in Orders, Borrowing Costs Rise from April

According to people familiar with the matter, Meta's (META) US dollar bond offering drew up to $58 billion in orders, roughly four times the $15 billion issuance size. Together with its planned inaugural euro bond sale, total cross-border financing is expected to reach at least $20 billion, with the euro tranche launching as early as Wednesday. Despite strong demand, Meta still had to offer higher yields to attract investors. The yield spread on its bonds maturing in 2056 was about 220 basis points over US Treasuries, roughly 90 basis points higher than a similar deal in April this year, reflecting borrowing cost pressures driven by expanding AI investments. Meta previously issued a combined $37.5 billion in common stock and mandatory convertible preferred stock, and plans to raise up to $60 billion through at-the-market stock offerings. S&P has already revised Meta's rating outlook to negative due to AI spending pressures.

Anthropic Reportedly Leverages Claude to Accelerate Chip R&D, Seeks Proprietary EDA Data

According to a report by The Information, Anthropic recently showcased Claude's AI-assisted chip design capabilities to potential IPO investors. Its newly formed 15-person hardware team is using Claude to develop custom chips, a process the company says helps shorten the time required by traditional R&D workflows. Anthropic has also reportedly approached several electronic design automation (EDA) companies seeking proprietary chip design datasets to enhance Claude's capabilities in semiconductor engineering. These developments have raised market concerns over potential competition for traditional EDA vendors, though Anthropic has not disclosed any plans to commercialize these capabilities externally. The report mentioned that Anthropic's IPO valuation could approach $1.5 trillion, though the final valuation and deal size remain undetermined.

U.S. Midterm Elections Move Markets; JPMorgan Warns of Short-Term Volatility Under Various Scenarios

The U.S. is holding its midterm elections on Tuesday, with the results determining control of both houses of Congress starting in January next year. Investors are focused on the potential impact of the election outcome on fiscal spending, tech regulation, and AI infrastructure development. JPMorgan believes that if Democrats win both the House and the Senate while investors have not fully positioned for this outcome, the broader market could come under pressure on Wednesday, with AI-related stocks facing particular sell-off risks. Conversely, if Republicans retain the Senate or gain control of both chambers, the market may see a short-term rally. These assessments are based on election scenario analysis, and actual market reactions will depend on the gap between the final results and market expectations.

U.S. September JOLTS Job Openings Rise to 7.523 Million, Beating Market Expectations

Data released by the U.S. Bureau of Labor Statistics on November 3 showed that job openings in September stood at 7.523 million, higher than the market expectation of 7.164 million and an increase of 333,000 from the revised August figure of 7.19 million. The job openings rate rose from 4.3% to 4.5%. During the same period, hires increased by 131,000 to 5.402 million, while layoffs and discharges decreased by 127,000 to 1.641 million. Quits rose to 3.365 million, bringing the quit rate to 2.1%. These figures signal improving hiring demand and reduced layoffs, though single-month changes still need to be evaluated alongside subsequent data.

U.S.-Iran Negotiations Remain Deadlocked as Military Frictions Add Uncertainty to Strait of Hormuz Navigation

Iran stated on Tuesday that the U.S. must fully respond to and implement the seven conditions proposed by Tehran; otherwise, it will not open the Strait of Hormuz or engage in negotiations with Washington. Iran added that its defensive readiness is at the highest level and that no new progress has been made in talks. Trump acknowledged that the U.S. military launched what he described as a "minor attack" on Iran the previous night, but stressed that it was "not a war." As military frictions parallel diplomatic contacts, regional uncertainty persists. It is reported that Qatar continues to mediate, with negotiators expected to receive feedback from both the U.S. and Iran on a new proposal within the next 36 hours. With key demands between the two sides still unbridged, the navigation outlook for the Strait of Hormuz remains unclear.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.