Nasdaq Extends Drop by 0.91% as Tech Stocks Lead Declines, AMD Falls Nearly 9%, Nvidia Drops 2%

AMD (AMD) fell 8.75% to $534.06.

Bank of America noted that agentic AI will expand CPU demand, while AMD's product and supply advantages are expected to drive concurrent growth in revenue and market share. The bank raised its price target on AMD from $650 to $700, up about 7.7%, maintained a "Buy" rating, and continued to list AMD as its top pick in the server CPU space.

The performance of mega-cap tech stocks today is shown in the chart below:

The Philadelphia Semiconductor Index fell 3.43% to 10,146.32, with all 30 constituents declining across the board.

Nvidia Reportedly Approaches Arm CEO Haas as It Advances CEO Succession Search

Nvidia's board has approached Arm CEO Rene Haas as a potential CEO candidate, the Financial Times reported, citing people familiar with the matter. Haas, who previously spent more than seven years at Nvidia, is currently just one of several potential candidates. Nvidia stated that its board is still selecting an executive search firm and has not yet formally engaged with any candidates. Colette Kress currently continues to serve as interim CEO.

Microsoft Makes Progress on Global Outage Recovery, but Some Services Remain Affected

Microsoft stated that progress has been made in restoring Microsoft 365 services, with the availability of products such as Outlook, Teams, and Copilot improving, though some users may still experience access errors and email delays. The company is still clearing backlogged emails and reallocating traffic, and has not yet provided a definitive timeline for full recovery. Microsoft previously noted that critical processes on certain servers stopped responding due to heavy loads, and remediation efforts were also affected by subsequent server errors. The company stated there is currently no evidence linking the outage to malicious activity, and that it will provide a more detailed incident report later.

OpenAI Restructures Robotics Team, Shifting to General-Purpose Model-Driven R&D

OpenAI has dissolved its standalone robotics research team, Fortune reported. Robotics researchers have been integrated into the core research team led by Mark Chen, while the applied robotics and hardware teams have moved to the applied division overseen by Greg Brockman. OpenAI stated that the restructuring aims to accelerate robotics R&D by leveraging general-purpose AI models. The company still plans to develop humanoid robots, with CEO Sam Altman previously indicating an effort toward a first public demonstration by 2027.

SpaceX's 15th Starship Test Flight Window Set for Early Saturday Morning Beijing Time, Aiming for Dual-Stage Recovery

The launch window for SpaceX's 15th Starship test flight is scheduled to open at 5:45 p.m. ET on November 13, lasting 75 minutes. The mission aims to attempt the separate recovery of both the Super Heavy booster and the Starship spacecraft using the launch tower's mechanical arms, advancing the technical validation of a fully reusable rocket.

US October PPI Rose Less Than Expected Month-over-Month, Up 6.5% Year-over-Year to Near Four-Year High

Data released Friday by the US Bureau of Labor Statistics showed that the October PPI rose 0.3% month-over-month, below market expectations of 0.4%, and climbed 6.5% year-over-year, marking its largest increase since November 2022. Although the single-month gain moderated, year-over-year pressure on wholesale prices continued to heat up.

Goolsbee Warns of Spreading Inflation Pressures as AI Data Center Investments Push Up Costs

Chicago Fed President Austan Goolsbee said Friday that inflation trends are concerning and the Federal Reserve still has substantial work to do to bring prices back to its 2% target and maintain public confidence in the central bank's ability to control inflation. Goolsbee noted that price pressures are no longer confined to factors such as energy and tariffs. Strong demand driven by the construction of AI data centers is pushing up costs in areas such as power equipment, chips, and construction, while prices in certain service sectors also continue to climb. He believes the Fed needs to prevent demand from overheating, noting that subsequent inflation data will influence the pace of policy tightening.

Bessent: Fed Should Not Excessively Hike Rates Over Energy Supply Shocks

In an interview with CNBC on Friday, US Treasury Secretary Scott Bessent said the Federal Reserve should maintain an open mind and prudently assess the energy supply shock triggered by the war in Iran, rather than sharply reversing interest rate policy based solely on this factor. He emphasized that he would not instruct the Fed on how to make decisions, but noted that policymaking should be forward-looking. Bessent also expressed confidence in the US economy, highlighting recent strong Treasury auctions and robust demand for the US dollar. He noted that four of the strongest Treasury auctions over the past 20 years occurred recently, reflecting investor demand for US assets.

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